1812 Brewing Company Inc (KEGS)

[janice shell]

So in essence Cornell is selling shares into the market at the current pps as though they own them...

They do own them, once they've converted. What we don't know is how much they've converted up to now. Since they've had the debenture for some time, they've probably converted a good deal by now. They don't get their loan back until they've converted and sold.