IMO, IBEX/St John's can not get their loans paid back from BIEL until it is solvent. What good would billions of shares be if BIEL was still in the Trips and there was no market for them? That is a big incentive to make numerous, profitable Deals and properly manage them.
Before IBEX/St John's could convert their loans either the AS would have to be increased or a RS would have to be enacted. There would be a regulatory filing prior to either action.
Shareholders would have time to evaluate either action before implementation and determine the right course based on the condition of BIEL and what is best for them personally.
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