What do you think...Bad trans, or bad converter?

Holy burnt transmission fluid Batman!! I drained the trans last night and stunk up the garage something FIERCE!...Man that stuff stinks! Going to try to get this thing sent out for a rebuild tomorrow. One of these days I need to learn how to build a tranny, but since I don't have much time before the division finals race, now is not the time....it just feels weird because this is the only part on my car that I have not built myself....oh well, maybe this winter I'll take the time to learn.