Ann: Tietto Lenders Convert Loan to Equity, page-13

This is a positive (probably).
I think the lenders may be positioning themselves, and their voting power.
I expect they are insiders, and may anticipate a takeover offer, once the final $18m debt is paid.
They may try and achieve a blocking stake, so no-one else can lob an offer until TIE is debt free.
The takeovers will come when it's debt free, in a year or so.
But as part of that (future) transaction, the debtors may have heard there will also be a special dividend paid once TIE is debt free.
My take is that they have inside information, like all creditors have before agreeing to lend money, or convert millions of their investment dollars into shares at an extremely attractive price.

Gw