I agree. The shares are simply colateral if the l

I agree. The shares are simply colateral if the lender decides to execute that right based on the terms of the contract and only if the loan can't be paid back in the amount of time stated in the contract. In addition, I'm betting the BOD has every intention to pay back every dollar with the 5% interest and within the alloted time. If pay back is on time then the share contingency doesn't take effect. As you said many might simply wait longer if necessary for their repayment in cash versus electing for the shares.