Isn't the opposite side of this coin worth examining as well? The focus of the question was one that only looked at the lower price allowing accumulation of more shares. Isn't it also possible that his conversion could be at significantly higher prices? Sure it might mean less shares for the conversion but it would also assure greater restoration of his existing share holdings in terms of establishing the current "market" price that essentially everyone uses as a means of having these assets "marked to market."
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