If I haven't responded directly to you, it's likely that you are on my ignore list or you are trying to derail the thread.

Based on evidence, my view is Tan was not aware of the rules when he announced the debt to equity conversion. Pretty damning that an owner is unaware of these rules and a cynic may even claim that Tan knew the rules but was being deceitful - not me though, I just think there's a huge amount of incompetence in the higher echelons of the club.

It's interesting that some claim Tan would be touted as the messiah if not for the rebrand. He is being touted as the messiah!

What seems to be clear (thanks to the sensible responses) is that Tan was unable to convert the debt to equity at the time it was announced as being due to happen immediately.