Even if all future notes were consolidated with the SBA any note that had reached maturity prior to this refinancing would still be out there.
Not all note holders convert the same way: - Some short while dumping relentlessly - Some convert on the lows but hold and sell into rallies - Some trickle feed share into the market etc, etc, etc
Whatever the case these remaining shares are being absorbed by the market and we're basing quite nicely.