I really want to think that Richard White is independent, and...

I really want to think that Richard White is independent, and legally speaking there is just enough daylight between him and Songtradr's management. But isn't he a ~Top 5 owner of Songrtradr? The $ value of his shares in Song presumably greatly outweigh his relatively minor investment here. I'm not really fussed that their % ownerships look similar, because Jaxsta is tiny and Songtradr is huge. I struggle to separate White & Songtradr's interests in my head.

• Completely agree those Options are getting exercised. In order to do that fully, they will have to convert the Note fully. With respect, it was you that suggested something along the lines of: 'this might not happen, because it requires a vote.' That is not my view at all.
• They don't threaten to recall the Note. They try to convert it fully, Jaxsta shareholders say "No," because you allege a vote is necessary so this is one possible outcome of that. Songtradr then say, "well what's the other option?" and Jaxsta have little choice but to say "we'll repay it, plus interest." It's prudent to consider where that money will come from, if you allege that a vote & refusal is possible. All I'm doing is following your logic, I personally don't think this scenario is likely at all. Instead Songtradr will fully convert, and that will go through with no opposition... that looks the most likely scenario to me.