If licensee can't pay then of course convert shares. At least there is some sort of payment to come in. You think if they are not generating revenue to make payments Throwdown is going to hold shares for future value??
Your theory may work but so far with Dethrone there have not been revenues to meet royalties or licensing requirements that I can tell with Dethrone. Now that is going to be all gone and they are going with Throwdown but the history doesn't show confidence to hit revenues. I agree it was well thought out. At least Throwdown will have a way to get cash.
If there was a history of ability and acheivement in sales and revenues i might give more merit to your scenario.
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