First off....9.9 pct was for each ind debt holder. There were 9 at one point so there is your 11pct. None sold for losses as much was presold in anticipation of conversion and they got a 40...yes 40!!! Pct discount to lowest trades. Yes that truly sucks. So every conversion is a winner. If there were 10pct holders you would have seen 13d filings...none filed. Cardinal rule for debt converts...never go over 10 pct as you must file and you must sell as an insider and be bound to volume restrictions.
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