Its likely that NITE is the issuing agent for the conversion process. My guess is that they are acting as the bankers to Raley's creditors. Todays action seems to demonstrate that Raley wanted them to wait for the news. This simply means that the balance owed to the CD holders is decreasing. They are adjusting the share price in conjunction with the NEWs, buying demand, and the speed of the conversion process.
Therefore, NITE will always have shares, indeed, they create them, until the CD holders are paid out.
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