InterCloud Systems Inc. (ICLD)

[shotsky]

I think you missed an update. Last I saw, it was close to the top, and as far as I know, not all conversions have yet been done. The new loan permits conversions too (25-50M), which I believe would definitely take it over the top. In any event, they are not permitted to sell more shares than are authorized, so their only avenue to provide room for the conversions is through a Reverse Split.
The most toxic loans may be gone - where they are given a low price/share and a number of shares. If they just convert at current share price, there would be fewer shares required to liquidate the debt.