mon's theory is as good as any...maybe they thought the other debenture holders would also convert... or maybe they were just wrong....maybe this was part of a reorg plan that management was pursuing and the shareholding would give them a large place at the table to influence that reorg plan (WRONG )... maybe they felt that the business was finally going to become cash flow positive .(WRONG )..why don't you try to track them down if they still exist and ask them ? but what does any of this have to do with current value ??? this took place nine years ago...AS OF THE HERE AND NOW THIS MAY BE SOMETHING TO HANG YOUR HAT ON AND RAISE DOUBT IF YOU ARE TRYING TO ARGUE THAT SHARES HAVE CURRENT VALUE,,, BUT IT IS TRULY MEANINGLESS IN LATE 2017