Sorry I stopped reading as soon as you said "reverse split" since I do not believe that will happen. If it doesn't happen as I believe it won't, then the rest of whatever you say after that is a moot point.
Edit - I took a cursory peek and saw that the math is wrong too. First off, a reverse split by itself would not change the value of an investment...you have fewer shares but at a higher price...so no it won't go from $22,000 to $1,100 unless it were to fall AFTER the reverse split.
Also, I'm sure Offor's (and anyone else's) Convertible Bond Covenants adjust for reverse splits just as they would for a regular stock split.
Krombacher
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