You are incorrect, it is the first right of refusal, no authority to approve. They can either choose to match alternate financing or not...
You did not answer my question about why all the conversions now? Do you think it is possible that all CD holders were given the first right of refusal on a equity/ financing option for SVFC and decided to convert shares the first week of October?
BBW, I know you don't have to share your knowledge, but was wondering if you could point me to the correct part of the filing that states that they must approve all additional cash infusions in the company that are not stock based? I see lots of reference to bankruptcy and restructuring, is that what you are referring?