"It makes no sense for them to convert those shares to common stock anymore at $0.19 a share." I like that you do a lot of homework, but.... Your statement seems valid only as long as shareholders of IMSC stock will be splitting less than $22 million of the $117 million from LLL. If it should somehow work out more favorably than that, won't they come out ahead by exercising at $0.19 a share .