Does anyone imagine that ORI is not smart money?

Why in the world would they convert their debt and relinquish the hold they had on RVX's only REAL value (the IP)? They were collecting big interest on the debenture, obtained additional warrants for the extension (and could presumably get the same or more next year!).

Why convert?

It seems highly unlikely to me that they are converting out of speculative reaction to market prices alone.  They must have extremely good reason for thinking the market has strong catalyst info coming that will allow a big return over the conversion price. That return has to be more than the interest and the estimated value of future perks (like more warrants for extension). That's a lot. They also have to believe that they are not likely to get sole ownership of RVX IP collateral which would be a windfall.

If they've been watching this thinly traded stock limp along at bargain basement prices, in spite of BTD and extremely encouraging post hoc data, then they have to have reason to think something much more exciting is coming to jumpstart the SP when the BTD etc has failed to do so.

I don't have to trust Don's promises. I can trust the profit motivation for the loan shark that has a seat on the board.

Partnership or buyout?