The right to convert (and then dump) was still part of the share structure and could have been prevented by not using shares with such conversion values. People buying ordinary shares were duped. The conversion rate should never have been given to begin with. I have heard the sob story about how debt holders destroyed this company, but it doesn't explain how/why these "toxic" debt provisions were ever agreed to in the first place. Use of such financing was somebody's fault, not investors who were scammed by the whole deal.
We had an AS structure that could/should have been maintained and used to build this business. The expansion of the AS to allow the above mentioned dumping was done by management, and facilitated BCDH's demise. JMO (Fact - IMO)
Again, this is "All water over the dam" as we can't recover from the situation. Regardless of who is to blame, BCDH was destroyed.
