Well we have a semi similar experience here, except for that the company is now profitable and has incoming revenue to pay down the debt, so therefore not needing to convert too many shares, plus the anti-dilution provision limits conversions to 4.99% of the O/S at any time. Short term we'll have some pain, until the debentures are cleared off the ledger. The risk now becomes that of the NSS on the stock, they may be hedging on a larger share count to eventually cover with that may not get converted into the O/S as expected, again thanks to incoming revenue. They may over estimate the conversions leaving them with no shares to cover their position. At that point the CEO can pursue other options on reducing the O/S. I wouldn't want to be on the receiving end of the NSS if and when that happens.
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