Secure Point Technologies Inc (fka IMSCQ)

[int10a]

They shouldn't be able to convert any after Chapter 11. If they converted right before Chapter 11 that would be cause for concern as they had knowledge for a long time the company was going Chapter 11. As early as May the company sought to obtain a DIP loan from them. It would seem if they converted any after that, they had inside knowledge the stock was soon going to drop and took advantage of converting and then selling before Chapter 11 was announced.

However, all we know is the share count as of June 30. There are the other unknowns as you point out with exactly what liabilities L3 is assuming.