Set in January 1994, this case concerns a discussion between a money manager and her assistant about approaches for analyzing an offering of convertible bonds by Boston Chicken. The analysis compares the insights available from standard descriptive ratios with those available from valuation analysis. The case is intended to be a student's first exercise in analyzing convertible bonds, and it assumes some familiarity with option-pricing theory and bond valuation. The format of the case (clear tasks and conversational style) is intended to disarm the novice. Nevertheless, the case raises many important and interesting points that will easily fill a class period.