I don't know if they figure out ways to hold beyond 5% either. However, I do know that 25% of the volume since Sept 11 comes to 277M. $57K divided by 277M comes to about .0002 average price per share. That seems in range of what one could expect to be the conversion price considering the terms.
And that's only if they've converted the entire amount already, which may not be the case.
But there could a group of insiders or friends of insiders, or even a group of traders with inside info buying up the shares with the plan to run it when the conversions are done. No way to know for sure, just speculation. For now it's just a watch.
Trading/investing without chart analysis is like bringing a knife to a gunfight.