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You cannot do a forced conversion on WFC-L, in other words, management cannot force the conversion.

Sorry, that's not correct. Management can force it to convert. From the title page of the original Wachovia prospectus

The Series L Preferred Stock is not redeemable by us at any time. On or after March 15, 2013, if the closing price of our common stock exceeds 130% of the conversion price for 20 trading days during any consecutive 30 trading day period, including the last day of such period, we may, at our option, cause some or all of the then outstanding Series L Preferred Stock to be automatically converted into our common stock at the then prevailing conversion rate.

And from page 15 of the 8-K that WFC filed on 12/30/08 (when WFC acquired Wachovia):

(b) Mandatory Conversion at the Corporation’s Option.
(i) On or after March 15, 2013, the Corporation may, at its option, at any time or from time to time, cause some or all of the Series L Preferred Stock to be converted into shares of Common Stock at the Applicable Conversion Rate if, for 20 Trading Days during any period of 30 consecutive Trading Days, including the last Trading Day of such period, the Closing Price of the Common Stock exceeds 130% of the Applicable Conversion Price of the Series L Preferred Stock. The Corporation will provide Notice of Mandatory Conversion as set forth in Section 13(b)(iii) within three Trading Days after the end of the 30 consecutive Trading Day period.

It won't happen any time soon, but it is possible for busted convertibles to recover. And if this one does, and it is converted, there will be a capital loss for buyers at prices above $1300. As I said before, it's more likely that BAC will recover to a level where they can force a conversion of BAC-L, which makes WFC-L a better option at these prices, IMO. But buyers need to be aware that a forced conversion can happen.

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