Why converting the notes into common shares?If the company was over, why converting?!
In the aggregate, the Reporting Persons may be deemed to beneficially own 662,117,262 shares of the Common Stock of the Issuer, representing approximately 9.999% of such class of securities, which is comprised of 662,117,262 shares underlying $662,117.26 of Notes. The beneficial ownership of each Reporting Person is as follows: (i) Fund beneficially owns 342,540,949 shares of the Common Stock of the Issuer, representing approximately 5.4% of such class of securities, which is comprised of 342,540,949 shares underlying $342,540.95 of Notes. In the aggregate the Fund owns $229,011.58 principal amount of the C Notes, and $189,371.54 principal amount of the D Notes, $148,400.00 principal amount of the G Notes, $16,800.00 principal amount of the H Notes, $232,103.00 principal amount of the I Notes, $300,000.00 principal amount of the E Notes, $140,000.00 principal amount of G Note Warrant A and $280,000.00 principal amount of G Note Warrant B and (ii) Capital, as the investment adviser and sole general partner of the Fund and investment adviser to an account owned by a separate investment vehicle which holds shares of the Issuer's Common Stock, and Mr. Kolchinsky as the manager of Capital, each beneficially own 662,117,262 shares of the Common Stock of the Issuer, representing approximately 9.999% of such class of securities, which is comprised of 662,117,262 shares underlying $662,117.26 of Notes. The percentage of Common Stock beneficially owned by each Reporting Person is based on a total of 5,959,717,543 shares of Common Stock of the Issuer outstanding per the Issuer’s Definitive Proxy Statement as filed with the SEC on June 22, 2012 plus shares of Common Stock issuable upon conversion of Notes.
The Fund has the power to vote and dispose of the shares of Common Stock beneficially owned by such entity (as described above). Capital, as the investment adviser and sole general partner of the Fund and as the investment adviser to an account owned by a separate investment vehicle which holds shares of the Issuer’s Common Stock, has the sole authority to vote and dispose of all of the shares of Common Stock reported in this Schedule 13G. The Manager, by virtue of his position as manager of Capital, has the sole authority to vote and dispose of all of the shares of Common Stock reported in this Schedule 13G.
