I don't see why it is hard to understand... DM want to keep things as is because they know the company will continue to do enough to keep the share price well above 8 cents a share. Lack of a refi allows them to convert at 8 cents a share.
All of their other shares are at 1.15, right?
Would they rather sell for 8 times their "cost" or 1-2 (assuming a good refi even gets us that far)?
The good news for them is that they are covered for any scenario here... why give that up without a fight?
News 
Market Data 
Discover 
