The 6-digit trade is not the conversion price, it's the trade price minus VFIN's block position fee. Those trades showing up doesn't mean that shares are converting (which they have not been for a couple weeks, as Winters has said several times now), just that someone with a lot of shares is selling a large block position.
While that's not a great thing either, it at least means that we are just dealing with a big seller that has a finite stash of shares, and not a big seller that is able to convert lower and lower for more and more shares every day -- i.e., it's not toxic debt conversion, it's just heavy selling pressure, which again is not great but it's better than a death spiral.
