The moment he converts, can you still buy at a massive discount, you think?
At what price do you think he will convert, i.e. how many shares will he get, and can you, at that time, also buy a massive ('massive' for you) amount of shares?
I mean, he has Always had way more the any individual share holder, so in my opinion it is still possible that you can control the damage done to you, for a large part.