The answer of the "answer is in the financials" is insufficient because people have read them and still have these questions to begin with...
My unanswered question is different than yours. My question is he has said publicly there are times we can force them to take cash, but we've seen no sign of it, and since then he pointed us to the financials which specifically do not say this... maybe it's when there are no shares left, which is the weakest way to have this power, but it is some power... but let's play your scenario out and how mine fits.
This guy has been paid many multiple times over already. He says raise the cap, we firmly say no, does he sue us or make us go insolvent in legal fights? That solution leads to him not getting more value out of us.
Or he can hang onto his last batch of conversions before the cap (not looking to sell right away to clear room for the next batch like usual)... accept cash payments on top of what he already made many times over... and make even more money with the rest of us as the stock finally breathes.
If the one time we can not give him shares is having none left. I think the guy would have been ok making that concession because it plays out better for him anyway.
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