The margin requirements for a reverse conversion are as follows:  

(Short Stock, Short Put and Long Call with the Same Strike and Exp.)


Initial $5.00/share and below: greater of $2.50/share or 100% of the stock + the cost of the call option and no requirement on the short put  


Initial above $5.00/share: greater of $5.00/share or 50% of the stock + the cost of the call option and no requirement on the short put  


Maintenance long call is in the money: 10% of the call strike price  


Maintenance covered put is in the money: 10% of the strike price + 100% of the in the money amount of the put