The problem with that theory is that the convertible debenture is no longer showing up on the balance sheet which means it is gone. How else would it have been paid off if not in shares of stock?
Also, the amount of shares outstanding really started to skyrocket in April when many debentures became eligible for conversion and the average closing prices reached new lows. The share counts we were projecting included the April conversions which likely amounted to about a billion shares. That would put the current outstanding closer to the 2.4 billion number some were predicting.
My belief is Chrome converted because they wanted their shares before the shares ran out. I believe we are very close to that 3 billion now.
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