This is what I wrote to jjives last night.. It was in response to him saying that convertible debt could be sold outside of rule 144.
Let's say I got shares from debt conversion (Which I did not). When I receive them do you know what happens. Of course you do not. It means from the last day I received shares. all of my shares are now restricted another 6 months. After 6 months I can sell 1% of the O/S under rule 144. If you get shares from a debt conversion, you now have shares. Selling those shares is still governed by rule 144.