If they can't own more than 9.9% how can they control the company.
To answer your question it would be to cover their position at lower prices by converting the debentures.
Check out WLDA. Same happened to them. Stock tanked before convertibles were due. Showed up on the reg sho list for weeks until the convertibles were closed out.
Look, if you want me to air these issues in a month or so from now when the stock is flying I can hold off but it seems to me the best time to air these opinions is when the stock has already tanked. There is really no need to be pissy about things.