Interesting! Have the funders issued the shares themselve? Or is it a fact that the company issued shares for money first. And doesn't that mean that the company (or in this case CEO conman AlGonzo "Pisse" Pierce) diluted the share structure. So if one is looking for something to blame Pierce is the best address to start with.
can you point us to any filing in particular that shows debt holders will not convert until 2019? or are you just waving in the general direction of "the filings" and saying "it's in there, you'll see"?