what prior example suggests anything has a real precedent for a conserved for 12 year company where shares were delisted but allowed to trade pink
seriously
can there be a conversion of SP or JP to common -
Sure
Is it likely
Who knows
What price per share of common ?
IMO anything other than a completed plan - with an estimate of total (I mean total !!) eventual shares (1B 5B 10B more?) and some sense of future earnings - say 5 years hence ---- ---anything short of that is IMO insanity and will be litigated until we all are pushing up daises