I believe the noteholders signed documents saying

I believe the noteholders signed documents saying they would not sell their converted shares, therefore their shares will not received the dividend from the company. Now if they sell, they will be responsible to buy shares on the open market to provide to the buyer who thinks they are getting a dividend. So Joe is trying to scare them into not selling, and telling them why they should not sell.

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I'm so confused...so the paragraph below does not apply to "certain" shareholders with a waiver agreement? The word "any" implies all to me.

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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.