Who has got the upper hand Company or note holder

Hi,

Not long to go now (only about two days) to find out who has got the upper hand - the company or the convertible note holder. As the company stated while issuing the convertible that the note holder approached the company (in fact they said that they were not even looking for external note holders), it follows that company would have the upper hand and wont give the note holder the chance to convert the remaining outstanding note at a very cheap share price (approx: 1 million) sometime after 20th June 2015 otherwise the company would have been much better to raise equity from existing shareholders.