As usual, absolutely incorrect in about every way. Now let's try using "currently" in a factual context.
For one thing, Pasaca can't convert the debenture because there are currently not enough authorized shares to covert into.
If Pasaca currently owned the shares, they could vote them to increase the authorized but they don't, they own a debenture.
The folks that currentlyOWN 51% of the outstanding shares will have to vote to increase the A/S and allow Pasaca to convert their debenture, so no, Pasaca absolutely does not own 26.5% of the current outstanding.
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