So what they are saying here is if any noteholders

So what they are saying here is if any noteholders have been converting AND SELLING, the 1:1 dividend that is associated with their NEW shares, are NOT being paid by GNBT and the noteholder will have to BUY shares on the open market to give to those buyers of their waivered shares. This may not have been known and maybe will stop conversions and sales, if they are happening. Maybe they will convert and hold, but they still will NOT be entitled to the 1:1 dividend, but they will be ready to sell after 10/30/19, if they choose to.

Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.