If I were to have participated in the recent debenture I would have shorted the stock in an amount equal to the 250 shares per $1000 unit that came with the debenture and then covered with said shares. This would have reduced my cost to participate to approx (using $.50 for conversation sake) $775 per unit providing me with a minimum return of 29%.

This might explain the increase prior to the closing of the debenture and subsequent decrease after the fact.