That would be the death knell of the company, as it would have no way to continue to fund continued  operations (HPQ shares will not last forever) . Unless  there is  anything in the original agreement stipulating that FNC would be obligated to such an exchange, it would seem to be a moot point. Seems more likely to me that should CIA shares continue to appreciate in value and an arbitrage opportunity exists , then at that time it would be wise for CIA to takeover FNC via a share swap..perhaps that is Mr. Smith's (passive)  game plan (roll over and play dead until then, and hope that no one buggers us in the interim) ...no one here seems to have a clue what he is thinking half (all) of the time

Cheers,

Luker