Investors in equities were confused by remarks made Tuesday, May 21, by Eleazar de Carvalho, president of BNDES. Net?s stock closed on 0.33 reals per share Wednesday, May 22, losing 5.71% on the day. Testifying before the Senate on the recapitalization of Net, formerly Globo Cabo, the head of the national development bank said debentures worth 120 million reals held by financial institutions could be converted ?on the same terms as those of the majority shareholders, i.e. about 1.50 reals per share?. Seasoned observers, however, say debentures will have to be converted at the market price. Mr Carvalho also made waves by saying the amount of new capital needed would exceed 1 billion reals, implying that minority shareholders would have to invest more in the company or see their stake diluted.