Yes they are very vulnerable right now, a 10% or larger stake can be bought in a couple of days here because of the sheer volume we have daily and could set up a hostile takeover and put someone on the BOD with voting rights and power...they need to be careful.
This in all honesty is their own fault though for not creating a Preferred Class of shares a year ago just for voting and control rights in the company, if you take bad financing deals (toxic) to finance a company you are at risk for this kind of thing if the notes become due or the conversions kick in wiping out your common shares and you can lose voting control in the process.
It will be very interesting to watch the stock and company over the next few weeks.
I am fairly certain that they do not have the cash for it. If they did they would have released a NR outlining the refinancing agreements. Now that is not to say that Brent would not have some of his VERY wealthy associates do that for him. After all someone /some people are buying up all these conversion shares. That would require a strong sense that the debt issue will be resolved before the next round of notes come due. Otherwise the company could have to file for BK. In an environment of zero news from the company it would be foolish to put up that kind of money under current circumstances. Although it is quite possible that Big Tobacco and/or their proxys are the buyers looking to do a hostile takeover knowing that the shareholders might just be in a mood to take a deal rather than let the current group risk the business with risky financial structures.
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