I certainly can't speak on behalf of all option holders. I only hold options in PAA and have so far not converted. This is not because of a lack of faith. It is because I rather use any additional funds I would contribute to PAA to buy more options and convert all or as much as I can closer to April 2026 (i.e. closer to the conversion deadline). By then I will have accumulated options at a much lower price and hopefully saved enough in cash or otherwise liquidate other positions to convert all the options I accumulated.
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