Skins Inc.(fka SKNNQ)

[Toxic Avenger]

It appears to me that JED converted $130k debt (a trade debt means they didn't buy a debt instrument, but that they were owed it by the company, I believe) into 6.3 million shares, at an average price of 2.07 cents/share. I don't think that had anything to do with the debentures.
The debentures are convertible at 35% of the lowest closing bid price for a 10 day period I think, not the average, nor the closing price (which is generally higher than the bid price). So while the agreement between JED and Skins as to how many shares to give them for canceling the $130k debt may have been roughly guided by your calculation, I don't think it was calculated that way.
I do think you're right that JED owns over 6 million shares (or did immediately following that exchange) at a little over 2 cents/share.