007 James Bond, page-38

isn't that an "and/or" statement.... if they convert the note in 24 months they'll get 15,000,000... and if they convert some of those shares but then ANW pay off the loan in full they need to return it. Until we see an Ann with "partial note converted" or similiar, i don't think they have anything. they front up cash, collatoralised against a 10% interest rate per annum or 15,000,000 shares which ever is the greater at the time of conversion.

Huge gamble if they did get issued shares as they'd have to return the shares. Which they'd have to buy at market value if the loan is paid back. Could be expensive... what you're implying is that if they are selling, they are actually taking a short position, betting they can buy them back cheaper later.