Yippy, Inc. (YIPI)

[BigBake1]

It is convertible based upon the terms agreed upon, in this case date of maturity it automatically converts to shares if the debt isnt paid in cash. That is the terms of the agreement, of course Vivisimo had the option to not collect on cash and just elect to be given shares instead to hold as an investment. But that isnt the case here.

There wasnt cash to pay the debt so it didnt matter one way or another Vivisimo was going to get shares. There isnt a "default" here, the debt was paid, but with shares. Cant pull the license back when the debt was clearly paid in shares although the shares cannot be sold to recoup the debt owed.

As I said there wasnt a provision for de-registering the company.