We are probably only going to get so much out of the 10-Q blurbs when it comes to the nitty gritty of these notes. I'm not a lawyer or a businessman, and I don't play in the OTC enough to see these types of conversions play out firsthand too often. But if a $50k note is signed in exchange for $50k worth of .001 shares down the line (assuming cash isn't paid prior), that's 50M shares. At the current share price, even if they dumped it all right away and got an average price of say .10, that's $5M off a $50k note. Just doesn't smell right to me. Again, I could be making things up when it comes to unjust enrichment (trying to research now), but something tells me there's a line.
I also like what someone else posted about Eagle possibly buying up a bunch of that old debt to protect and grow their own shares. If they are a friendly as some have claimed, that would make a lot of sense.
Bottom line, it's not all flowers and rainbows here. There's some notes that don't sit well. But something tells me the situation is WAY better than it looks on that 10-Q spreadsheet also. People are calling for dollars here ... even if these notes hurt a bit I imagine there is still a lot of money to be made once (or if) the merger goes through. Taking a reasonable position here and hoping for the unicorn.
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