You're right, it probably makes sense for most of the 30M new free trading shares.
Interesting the other toxic debt is reneged upon as per the 3/30/2020 "Material Breaches by Note Holders" TURV press release, but Labrys (the Note Holder from 9/24/2019) is allowed to convert and sell.
Considering the juicy $60,000 loan origination fee ($517,500 - $457,500), it begs the question about potential financial ties between Labrys and TURV insiders.
But that's a conspiracy theory - something the world needs less of.
The fact remains there's much more paper floating and outstanding.