The refusal to accept the prepayment may be a consequence of the note holder pursuing a strategy such as (1) short stock against long convert position or (2) liquidation of long position with the idea of 'reloading' through conversion.
My bet is that this is somehow relates to the 824,000 shares transferred to James J. Mahoney and Cross & Company last year, ... the Cross & Co position exceeded 5% and the Mahoney position exceeded 10% of the then outstanding shares. Form 13D or 13G disclosing these holdings are due (at the latest) 45 days after year end (i.e., next Tuesday) but I frankly doubt if the holders ever had any intent of disclosing.
Yeah ... I think these long shares were purposefully used to pound down the stock, because the holder thought they would be able to convert at price levels created by their own sale activity.
SEC will probably be interested in the market manipulation story. Think I'll give them another call.
Just my opinion.
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