My take is that getting to NTA should be easier once the conversion is done. The CPUs represented a $200 million debt against the asset portfolio, which meant that ordinary unit holders were entitled to a smaller slice of the asset pie. After conversion that debt is cancelled and replaced by a bunch of new ordinary units with the same claim on the assets as the existing ordinaries.
As long as the fund can continue to liquidate its assets at close to book value, unit holders should expect to get close to book value back. Eventually.
Ann: Fund Update, page-70
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