Keep in mind that the conversion price for La Jolla is *volume...

Keep in mind that the conversion price for La Jolla is *volume weighted* though... for example 75k today at 0.1c and 5M at 0.2c averages to 0.1985c

They really aren't going to get the next conversion at anything near 0.1c if all they do is sell a small parcel here or there down into 0.1c.

The only way they win is if they can convince other sellers (by capping at 0.2c on the sell-side) that they have to sell at 0.1c now or risk losing everything, or if they are prepared to sell a lot down themselves.

But selling it down themselves means they have to take the loss of 0.04c per share and hope their sale makes enough of a dent for the measurement period for the next conversion that it'll actually pay off. The only way this strategy works is if there is a period of low-volume buying at 0.2c, which so far hasn't happened yet. Otherwise they just lose money on the sale and don't get anything back for it.