No, not solely off four months' of CN interest payments. It looks like they've been hoarding all the in specie interest payments they have received. I can account for ~34M* of shares (of the 55.5M disclosed holdings) issued in lieu of cash interest payments. Not sure how they have come by the remaining 21.5M of shares held, but there are numerous possibilities.
Jefferies have also ridden the gravy train south with the rest of us. (It might look like gravy, but it smells like something quite different!) (lol)
(*Hectic day for me today. Based on a v.quick analysis and possibly subject to slight error.)
Ann: Form 603 - Notice of initial substantial holder, page-5
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