If you think the reverse split is part to get the loans (like you said), why did he let shareholder vote? If that would be the case, then he would risk to lose the important loans. That does not many any sense!
Many companies let shareholder vote, but that doesnt mean company does only good things! Otherwise the a/s would be decreased and no new financing agreements with Asher, thats not in the interest of shareholder!
There is no sign that dilution is over and then i have to ask why the post split o/s is important for the value of the stock, because we all see the signs that dilution will continue and share structure will change soon probably. No one can say low o/s in a known dilution stock 2 days post split.