In other words, convertible debt is a really bad thing in the long run. Not genius, but it at least has a former CEO of a stinky pinky acknowledging the elephant in the room. Where it lost me was where the author stuck up for the funders themselves. Those pukes make a minimum 50% profit on converted stock. Many times much more. The CEO doesn't pay for it. The investors do. That's why CD is so popular, despite it being bad for long term operations. Simply put, why pay your own bills when someone else will do it for you? There are plenty of banks that do small business loans at moderate rates. Of course that would be too easy.
Since the author has 'seen the light,' hopefully he will start a new trend on the OTC as a whole on stinky pinkies being less smelly.