No it is not - do not spread false information!
The Noteholder has yet to convert to equity, and will not unless the conditions precedent are satisfied.
As of right now, GMC owe $8.0M to the the Indonesian owned company (which has security against the smelters).
If GMC fail to satisfy those conditions precedent by the extended deadline (they missed the first deadline as usual), then they will owe the Noteholder or lose the title to the smelters.
Tick Tick Tock
Not looking good for GMC, page-135
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