You make it sound like Mike C. isn't out for the MNKD shareholders. He can't force the note holders to convert, at this point in time. He and Steve B. made the convert deal in 2021 while under financial duress. 2.5% interest seemed like a godsend at the time.
Rather, the note holder(s) could have gotten MNKD shares, and probably watched them appreciate, but they didn't, probably because of an ulterior motive. JMHO.