Ask Bill for a copy of the terms and conditions of the notes. Your a Banker shouldn't be hard to get a copy. Something else Im sure you are unaware of. When a SEC reporting company "TPAC" becomes delinquent ALL debt becomes DEFAULT and immediately due. So even if Bill had negotiated an extension "he didnt" it wouldnt matter because they are delinquent making the debt in default.

As far as converting debt when delinquent you will need to reach out to the clearing houses that convert the debt to common stock. They can explain they will not convert debt when the company is delinquent.