So are you still not understanding the difference between
Normal convertible debt, convertible at close to the market price of the stock
and
Deep Discount Death Spiral Convertible Debt that is tied to the lowest price in a given period (30 days in this case) right before the conversion price is set?
companies that are unable to find financing will sometimes take on convertible debt.
Are you saying there is no such thing as a legitimate company that is not able to find financing any other way?