Whether they can convert and sell immediately depends on what was agreed upon in the contract they and the company signed, and on whether the debt is "aged". You aren't supposed to be able to sell for six months if the company's fully reporting, or a year if it isn't. But toxic financiers sometimes find ways to get around this, usually by claiming a state blue sky exemption.
Fairhills does that, and the SEC is suing them for it. But that hasn't stopped them.
Asher is equally sleazy, so who knows what they may be doing. The key would be in the opinion letters freeing up the stock, but they aren't in the public domain.
It wouldn't hurt to write to the SEC explaining the situation, and saying you don't understand what's going on and would appreciate clarification, because there's nothing about conversions in the company's filings.
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