There has to be some kind of balance struck for those who already converted debt to equity, which I understand comprise about 80% of all common. I don't think they would want to have their holdings diluted too badly, so at some point they have to be able to carry some debt going forward. I know I didn't answer your question, but the bottom line is, what is the value of the enterprise if there was no debt ? And what is 2.5% of that figure ? What is the authorized sharecount (to be conservative) - so some math and that would be a high figure for your buy-in. My guess is about 20 cents a share. They will probably have to R/S again but that is also destroying those who converted their debt early.
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