"closing Deals and making BIEL solvent" is never going to happen,no matter how many times that BS gets repeated.
It's going to be a R/S and debt conversion that pays off IBEX and the only real question is: how long before KW realizes there's no point in waiting any longer?
I say the odds are about 50/50 by Christmas -- she either has to increwase the A/S to 30 billion (which might be a record for the pinksheets) or she does the R/S.
That isn't how the notes are structure. The pps conversion price and the number of shares required to satisfy the note are determined at the time of the execution of the note. It is not, as you suggest, the number of shares needed to satisfy the note.
The existing notes held by KW can be converted at any time to tens of billions of shares of BIEL. All that's needed to be done is to file a simple document with the State of Maryland to increase the AS. AW did it all the time.