Very Discouraging
It doesn't matter how much they own. What matters is that they are selling. Which means they are helping to add common shares to the OS and Float, which then devalues the share value. Both quantitatively and qualitatively.
Also, they sell at suspicious times of high msg-board activity and/or during a highly perceived and debatable P-n-D, in which "no dilution" and "no insider selling" was the principal opinion.
It must be very painful for the company to find out that they have burned-out their own orchestrated pump machine. But then again, it must also be very gratifying to know that they were able to dilute millions upon millions of shares into the OS and Float, while setting-up those who were so privileged as to have the heads-up for their insider selling.
Quote:
" ...but if all the notes convert the company is almost debt free.. "
Well, obviously. I mean, if 'anyone' pays off debt, then they are debt free... duh. But these guys can't. And it seems like they don't want to. They just want to ride it. Nobody will be converting all notes anytime soon. And when they do... it will cause more massive dilution. Catch 22. Just part of the Bad Deals. A 1-for-20 reverse split is already being discussed, imo.
JMO