Yeah, I doubt it was an "out of the kindness of his heart" type deal. But, possible it was a "we're trying to get these acquisitions done and the fact that $55k in convertible debt could turn into 220 mil shares doesn't let us do X like we want so we need to pay them off"... maybe?
Who knows. Just thinking through typing why we haven't seen more notes convert for a while...
They never pay convertibles with cash. The whole point of convertible loans is to have shareholders pay off the note so the company doesn't lose cash flow. Also, there is typically a ~30% premium charged to accompany paying cash for a convertible note because the lender also wants shares for their money.
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