Again, I am not privy to the insider details, but since ALKM has 5.5 Billion A/S, I would assume that any shares used as collateral would have to technically be considered O/S shares (just like when you commit a trade in your stock account, the amount is subtracted from your tradeable balance even while the trade is pending). This (again I use logic and assumption) does not mean that the shares were taken possession of by the debt holder. ALKM could have paid back in cash the debt and the shares would remain in ALKM's Treasury. Since the two transactions occurred within 9 days of each other, I am betting that all parties agreed to this as a group otherwise there would be a Chapter 11 and everybody loses.