Bucks: I think the IGOR Note holder periodically takes down conversion shares at a rate just enough to keep him under 5% of O/S (today 5% of O/S is about 750,000,000 shares). He has to dump each such batch of shares, or the majority of them, before he can drawn down the next batch--so as not to offend the 5% ownership cap limit in the IGOR Note (plus he doesn't want to file with the SEC, which you must do once you own 5%). When O/S is climbing quickly, that means retail buyers, or MMs, are buying up IGOR's newly-issued "conversion" shares; when O/S isn't climbing, it means that IGOR hasn't yet been successful in off-loading enough of his most recent, past share draw down. He's got to sell a lot before he can draw down more. That's my read, anyhow.
BTW: as the O/S count grows, so does the number of shares that constitute the 5% cap. So, when the O/S was 5,000,000,000 (not that long ago!), the 5% cap limited the IGOR Note holder to a draw down of just under 250,000,000 shares--which he had to dump before drawing more. With O/S today at around 15,000,000,00, the 5% ownership cap is raised to 750,000,000 shares. So, IGOR can take down and dump more. Really, the only way to thwart the IGOR Note holder is for retail investors, and MMs, to stop buying his dumped shares. But that won't happen. That's why I, for one, would love to see GTCH get some cash and payoff the balance of the IGOR Note. That would end dilution on the spot. There would still be shorting--and, no doubt, naked shorting as well (as you and some others have identified)--but the effects of those things wouldn't be made easier and magnified by periodic, gigantic dilution.
