True, but the lesser the price the more shares they have. Easy to drive the price down with few hundreds of thousands while converting millions at better prices at each crash level, which put aside waiting for the skyrocketing(it will be at some point imo). How deep they are driving it down?! Only they know... Greed on others back is the answer here i think and converters, friendly or not, have it in abundance... It is needed strong guts to digest the situation and decide what to do and too many pro and contra to talk about.
Just one more thought... why would anyone do a JV with someone in worse shape or if he has no money to push up ESS?!?!
Anyway... I wish everybody, newbies or beaten longs, goodluck!