Actually if you look at the typical conversion rate on these types of notes of 50% discount to market (lowest closing bid which is way more than 50%) OWOO actually came out better!
If Gel had been able to convert we all know that they would have beaten down the stock price to get better conversions and they would have made a ton more money and OWOO stock would have suffered.
Paying off the note via settlement was very, very smart indeed.
Or are you saying letting Gel convert would have been best for the shareholders? And if so, please explain how?