Perhaps the CEO spoke with Magna & affiliates well in advance of even joining the company in order to get a handle on what type of supply exists...
Perhaps the CEO has potential acquisition, merger or revenue share interest partners he's been speaking with and without the CB out of the way, there isn't a solid way of knowing what type of share base he has to work with in terms of valuation and new share issuance...
Perhaps the CEO's other business has enabled him to experience a bit of work in hostile environments rife with insurgent groups, criminal elements and tribal warlords and sometimes the best strategy is allowing ones enemy to expend their ammunition and ordnance on small advance forward operators while observing from the high ground with far greater firepower...
Or perhaps any type of positive announcements made while the CB is still out there could be misconstrued as being aligned with said CB holders hence the accusations made about 'pump and dump'. Even worse would be if a new one was issued while positive developments are being announced thereby subjecting investors to the same thing that happened on the previous CEO's watch...
Whatever the case, time will be the telling factor as positive announcements are only the beginning not the end game result. Execution is, and that takes much longer due to integration and expansion.
In terms of the 13G or 13D filings, I wouldn't put much thought into it with the CB guys or Knight Capital Group because the only objective for both is 'trading profits' and arbitrage between sale price and conversion price.
Haven't heard back from them yet and will update all when I do. They are very responsive and will let me know shortly.
best
