I wish all the notes were retired, but they're not. kw herself holds over $6 million of ill-gotten convertible promissory notes. Other insiders (PW, Dr. Staelin, and Keith) hold about the same as kw.
Read the most recent financial statements which clearly show the OS nearing the 25 billion AS. It is the noteholders option to convert to satisfy their note(s). The board would be forced to vote to increase the AS to honor the conversion rights granted in the convertible note agreement. If some notes were invalidate because there was only two board members at the time of the execution of the agreements, so be it.
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