"Should" is the term I used because LG Capital bought Eastmore's note. So technically they "could" convert that note at any time (they also wanted to grab KBM's but missed the deadline due to communication issues with vacations, etc.).
LG is working with us to clean up any remaining debts, and provide us the new credit line needed for one of our acquisitions (that business has huge up front material costs, but we may change the way that works down the road). They don't need to convert it out, but I've learned not to speak in absolutes.
Their goal is to be the one lender with long term invested interest in the success of the company by investing into it's operations - PO financing, factoring, equity line, etc. - all to be discussed in Manhattan over the next two weeks.
BTW, it takes a bit to respond as I only check in from time to time while on the phone.
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