wilma: The debentures require that debt holders have the ability to convert their debt to common shares. If they feel they are unable to do so profitably, such as now, they may request a reverse split at any time. NeoMedia must comply or default.
As in the first NeoMedia reverse split, the debt holders do not have to wait until NeoMedia's outstanding equals their authorized. The first reverse split, YA pulled the trigger at 2.5 billion - a number everyone can agree we are approaching rapidly. So NeoMedia's history demonstrates the basis of your prediction is unfounded.