From my recollection, I calculated a conversion on default of around 8-9 million shares based on about $0.07/share. It depends on time of claimed default as to the share price for executing the conversion.

The total default conversion was not the concern per Squires. It was the low conversion price that would trigger other debentures conversions at lower prices and cause a massive issuance of additional shares that could significantly dilute the common shareholder.