Common shares will NOT be converted in any case. There is NO situation where they will be converted. Even if the courts issue an immediate injunction preventing the bankruptcy action, that would only mean there is no conversion at all.
I know this is hard to believe for some, but, yes, the courts are quite willing to completely wipe out the common shares' investment. This is why shares of BK companies fall from whole dollars to pennies.
When a company files for bankruptcy sell the common THAT DAY. If one believes in the company, one will then be able to buy that same stock at literally pennies on the dollar a couple days/weeks later. IF there is any redemption, then one could make a significant return on the stock bought for pennies in bankruptcy. This is a high risk investment but the shares were bought at pennies so the dollar amount risked should be low.
Once a stock enters bankruptcy there is almost 0% chance that the common stock price will be any where near it's former normal trading price.
