I think the best (and safest) thing to do is watch on the sidelines. We know there is lots of dilution to go. So I'll sit and watch. If they get through all this somehow, the price will be low and the conversions will be out of the way. If they don't make it...well who would not like to watch a train wreck?
For the record, I'm no longer trading this. Not even a good trade right now. Just too much risk.