I'm not convinced that DTCC is going to go along with this scheme.
This was obviously an attempt by Pearl to put a fancy spin on a reverse split. I wouldn't be at all surprised if DTCC sent back the convertible that was supposedly "transferred" to them with a little note that said, "Nice try."
"The penny stock investor may be the most dangerous creature in the investment world, at least to himself.[...]His hypocrisy becomes most apparent when he then blames his losses on the greed of others." Robert C. Dugan, Director - JRM Capital