"There is no conceivable way URFPA Investors won't experience...

"There is no conceivable way URFPA Investors won't experience conversion"

Disagree:

• If URFPA is converted while URF is trading at a discount to NTA it will wipe out ordinary shareholders.
• The URFPA conversion decision is made by URF management.
• Management are trying to rebuild the firms reputation and their primary duty is to protect returns of URF holders.

If the above is true, then whilst URF remains solvent and a discount to NTA remains URFPA's will not be converted.

This is my take on the incentives surrounding conversion.