Ann: Expression of Interest HMS Bergbau Offtake from Victory Bore, page-30

Still you don't see my points because you are too much emotional.

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A crowd gathers at a place.
Someone shouts "bomb!"
People stampede, trampling each other and causing fatalities.
Whether or not there is a bomb is yet to be verified. However, the outcome is as if there were a bomb.
Who is to blame for the casualties? The person who shouted "bomb," or the people in the crowd?

The current situation of SRN is similar.
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Whether or not there is a bomb is yet to be verified. However, the outcome with too many casualties is as if there were a bomb.
Whether or not there is a push to administration is yet to be verified. But when shareholders dump their shares at very low prices disregarding their values, the outcome will be like going to administration.

If SRN shareholders do not dump their shares at very low prices, then when Vlad wants to convert debt into equity, he needs to convert at high prices, e.g. $0.008/share

If SRN shareholders dump their shares at very low prices, then shareholders hand him the opportunity to convert debt into equity at low prices, e.g. $0.003/share.

Like People stampede, trampling each other, SRN shareholders have themselves to be blamed