These converters know the share structure better than you do. Some of the notes could have been called on demand at any time for several quarters. They haven't been. Instead, these guys know they can just keep biding their time, dripping out stock a little at a time making their built-in profit. And that's what they are doing.
Friendable has already pledged "essentially all the assets of the company" per filings.
They have pledged all their trademarks, all their intellectual property, all domain names, etc.
And per filings, they have pledged the assets of Fan Pass too.
They have nothing left to pledge for a debt offering, or any other vehicle to clean this up. The toxic lenders have them by the short hairs.
This isn't something that can be changed. It's contractual.
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