Good point. Looks like he would have to break his word for a conversion other than 1 to 1.
Regarding the following question...
I haven't read it but people on the ENTID board are claiming a 6 month restriction on the PTEL shares. According to them this is good because it will prevent a sharp decrease in PPS as soon as the dividend is paid. This neglects the fact that dumping by the company will probably kill the PPS before trade any shares
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