If the noteholder is defunct then I wonder why they were given such sweetheart terms on the convertibility
You're hinting that the debt may not convert, which is possible. But if the business plan of this company is simply to hope that debt collectors never show up, then that's a pretty sloppy way to run a company.
Excellent DD Mondragon. It certainly looks like the Antevorta shares may not be converted. I recently helped finance a new start up and after several financial transactions my brokerage house would no longer register my remaining 2.5 million shares. I am now stuck with no way to sell on the open market. The company was in too much trouble for the shares to remain viable for transactions.