Rodent Regatta

Today, Memphis-based Longleaf Partners along with Legg Mason and Berkshire Hathaway announced that they have converted 100% of their convertible bonds into common stock in Level 3 Communications of Broomfield, CO.

Level 3 is trading at $7.40 up about $0.35 as of the time of this entry. [Disclaimer: Yes, I’ve been long Level 3 for quite some time.]