That big debtholder could convert their entire note to common at any time. The problem for them would be that anyone who owns 5% or more in a reporting company has to file a 13-G and they're subject to rule 144. They would be an affiliate and during any three-month period could only sell the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange, the greater of 1% or the average reported weekly trading volume during the previous four weeks. Over-the-counter stocks can only be sold using the 1% measurement.
This is why every one of the toxic debt guys you see in the OTC companies take so long to get out. Anything over 4.9% limits the amount of stock they can sell, so they all stay under that 5% threshold.
As for me, I bought the stock at $0.03 in May and sold some on the way up to $0.07. I'm a happy shareholder and will continue to be patient.
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