Once Asher had decided they were open to have the convertibles bought out (but before this was actually public), they could have shorted UPIN common immediately and used the shares the got to retire the convertibles to cover the short.
This seems more Asher's MO than suddenly deciding to go long the common, so my bet is that Asher is already substantially out and we don't have a million shares that Asher is waiting to sell. If Ashe IS holding the new shares long, they almost certainly aren't doing so to make a penny per share.
Either way, it is great that the Asher convertibles are history!
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