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It promises to convert itself into a subscription business by July.
"That is what will allow the process to convert itself into an irreversible process," he added.
The new capital was needed to allow GMAC to convert itself into a bank and lower its borrowing costs.
Syngenta, for instance, hopes in 2008 to begin selling a genetically engineered corn designed to help convert itself into ethanol.
Mr. Bessent replaces Keith Anderson, whose resignation from the post was announced along with the firm's decision to convert itself from a hedge fund.
"Basically, everything around us will be able to convert itself into a display on demand," he told me, when I visited him recently.
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Morgan Stanley converted itself into a bank holding company one week after Lehman Brothers collapsed last month.
It's funny how quickly a generation converts itself from punks to parents.
It will also absorb water, converting itself into calcium hydroxide and releasing heat in the process.
Geert Wilders' Dutch Freedom party suddenly converts itself from free-market anti-statism to workers' rights and the minimum wage.
When he owns part of a mutually owned building society (thrift) that is converting itself into a quoted bank.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com