I think his assumption was that the last few days would have been a dandy time for the mfo to sell and commons they owned. What is unknown, of course, is how many commons the mfo actually did and does still hold. We do know the OS count rose yet again. But we don’t know if the mfo was selling their commons as soon as they assumed ownership. That is my line of thinking anyway.
From the agreement "...85% of the lowest volume weighted average price of the Company’s common stock on a trading day during the ten trading days prior to and ending on, and including, the conversion date."...
Today, that would mean a conversion price of around 9 cents, based on 85% of the price 10 days ago.
If that is how it works, it looks like a great deal.
News 
Market Data 
Discover 
