Have they had a second FDA inspection? Why the lack of movement? Why the repressed behavior from a company that should be shaking up this sector? Something is up or they would have made advances to recapture share value. Instead they are taking what they can get on notes that ultimately hold the share value where it is.
Its not just that they seem to have no mm as they must have had at $3-$4 a share. Its the lack of displayed effort on the Intellicell web site. There are no events scheduled, no presentations, nothing on the date book. That would leave you to believe there is a reason they are not actively trying to draw in investors. Instead selling cheap notes that as you said create more resistance to an upswing in price.