Companies don't do death spiral converts with retail shareholders. They reserve them for themselves and friends. They're guaranteed profit makers to the convert holders, as long as they can dump the shares to retail buyers.
Then this was stated
Convert holders convert at a guaranteed profit and retail shareholders have to watch the resulting decline in the value of their shares
These two statements made by the same poster seem to contradict each other. So I have to ask are the note holders GUARANTEED a profit or not?