The margin requirements for a forward conversion are as follows:
(Long Stock, Short Call and Long Put with the Same Strike and Exp.)
Initial below $3.00/share: 100% of the stock + the cost of the put option and no requirement on the short call
Initial $3.00/share and above: 50% of the stock + the cost of the put option and no requirement on the short call
Maintenance below $3.00/share and the call option is in the money: 100% of the strike price
Maintenance below $3.00/share and the call option is out of the money: 100% of the stock price
Maintenance above $3.00/share and the call option is in the money: 10% of the strike price
Maintenance above $3.00/share and the call option is out of the money: 10% of the stock price