Firstly, I would never try to 'tell you' anything. What I am suggesting is that about 1/3 to 1/2 of tall those shares that were traded recently were for/from retail not note holders. I know a few hundred thousand of them were mine or from my partners.
You can refer to a past post that I did in regards to the notes, I estimated that 30m could come into the market. I have seen about 25-26m of that based on my current estimation. Leaving very little.. I get that math using 500k as the base trading volume @ .04 cents and 1m shares a day at .02 cents if you look at the historical volumes for the last few weeks. Should line up pretty well, of course not an exact science though.