I don't understand the YA CD-deal that way.
The CD deal, as I read it, requires 'the company' to 'reserve' from the A/S count a number of shares equal to at least 800 million shares such that if YA wishes to convert the debt to shares after a default on the CD, those shares will be available to YA for such conversion. I also seem to recall that those shares would be restricted for one year, etc., etc.
Others may have the details at their fingertips and can provide them if you need them.
I don't recall anything that requires an 'SEC' filing / action to restrict those shares in the first place...instead, it's a contractual obligation between the lender and the borrower, so why would there be anything required by the SEC to free-them up.
YA is fully capable of calling the TA and seeing the A/S, the O/S, restricted shares, etc. They will know as soon as they call whether the company is complying with the terms of the CD….2.5 B minus 800mm is pretty simple math.
There have been a lot of posted speculations concerning these ‘reserved’ shares, but I prefer to understand it in the simplest of terms….that is, they are just 800mm shares that can’t be taken from the existing A/S and placed in the O/S / float.
Just my opinion, of course, but thanks for asking.
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