Ian Gilson, CFA
Pacific Ethanol: Update on Senior Convertible Notes:
The company has elected to make both the October 3, 2011 installment payment and the November1, 2011 installment in cash. The October payment of $2.2 million was reduced to $1.0 million due to voluntary conversion by note holders. The share count as of October 3, 2011 was 48.6 million shares, up from 44.1 million in September, 2011. We have adjusted our share count to reflect the increased number of shares for both October and November.
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