Well, put it this way: they want a low price for conversion (btw, they can also convert some debts at the time and not the whole convertible, as they are doing), but they need an high price for selling those converted shares (otherwise they would be losing money, since selling a large amount of shares in a low cap stock easily destroys the stock price).
So what they do to edge their risk? They convert a small amount of the debt and sell it destroying the pps (this happened last fall). Then they convert the rest of the convertibles at that low price, but they don't sell it, instead they pump the pps as high as possible (it doesn't require much, look at what's happening with SYDI), and sell into that run and after that run. Then they pump again and sell again, etc. After the conversion finishes they become the largest stock owners and so they have the interest to gain much from that stock.
With CLBE they must convert all the convertible this next April, so lets see what happens then.
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