Seems to me the debenture accounting rules require some portion of the current amounts should be accounted for as share numbers, others as derivative risk? Don't know the rules, math or accounting sleights of hand involved... but would guess that taking debt off the table by actually paying it off instead of allowing it to convert, would probably have some impact on the outstanding and impact on derivative accounting.
Otherwise, agree, that it will be clear as mud until someone opts to make it less so...
I'd think they'd probably not get through the reverse while also making an error in AS vs OS... so I don't expect it will be overly bad news in the result from whatever comes out in the next few days.
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