It could be that mainly insiders converted, but we don't know that. It could be that only outsiders converted and that they are all screwed. At the time, it looked as an attractive offer: 14 billion O/S, 20% of TFN, buyback program, deal with CD holders and PPS trading at 0.0004 - 0.0005. So it could be regular people went for the 0.00015 offer.