MM, firstly about 50% of QVT's notes at $1, and 50% are at...

MM, firstly about 50% of QVT's notes at $1, and 50% are at $1.20.
So wouldn't that mean that their average price is $1.10?

Secondly, I know that you are in no position to state what would satisfy QVT.

The 'conditioning' that you mention is a possibility, but with most shareholders having paid $2.50+, and the lack of selling by the top50 (all the way down from $2.50) would suggest they have a price in their mind which is far in excess of this.

Having spoken to a quite a few of these holders, the general consensus is that they want to see how this pans out in the long term.