And again, there's a death spiral. It's in the filings. It doesn't become something else because it's not converted. In fact, once it's converted, it's not a death spiral anymore. So your facts are bass-ackwards.
And ONCE AGAIN, if there are no buyers, the death spiral holders can't convert. They're stuck. But so is the company. Hard to get funding when you have a death spiral overhanging.
Employees, especially those who don't own the death spiral and most of the company, don't like to work without pay, or for shares with a large death spiral overhanging.
Then you get death-by-death-spiral. Either the PPS or the company. (cue Taps).
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