I agree with your analysis. One thing I would add

I agree with your analysis. One thing I would add is that even though they would convert at .05, the leak-out agreements would limit how quickly they could sell- and there would be a motivation to still sell at a higher price to make us much profit as possible. So I think at the end of the day, it would definitely add some more selling pressure, but would not collapse the price back down. My belief is still that GC intends to pay down or pay off some of the toxics which as you mention is what really needs to happen and this is another short term fix to stabilize the price.