for starters, the company would obviously know when the shares were converted ...
and one other point that was overlooked... why would they convert the debt to shares, if they weren't looking to sell the shares immediately? as long as it stays debt, they get interest.... what possible benefit would it serve for the convert sellers to convert, and just let the shares sit idly - vs. leaving it as interest bearing debt
and since we are in agreement that the convert sellers are in it for the guaranteed percentage, they don't get their percentage until they sell the shares ...
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