According to Citigroup's announcement on Feb. 27, 2009, each preferred

share (Series F) would be converted to 7.308 common shares. You took advantage of the deviation from the law of one price by buying one preferred share and shorting the number of common shares to be converted to at the Feb. 27 prices. On June 16, 2009, Citigroup finalized its conversion plan and the conversion would be completed in 38 days. The preferred and common share prices on that day were $20.26 and $3.18 respectively. Suppose the average rebate rate for the remaining 38 days was -90%. What would be the shorting costs if your arbitrage position was held till final conversion (in dollars, keep two decimals; assume the number of days in a year was 365)?