if there is a conversion from JPS to common - impossible IMO to happen (other than forced !!) --- without an answer about warrants - as no one knows the value of common without knowing the answer on warrants
yeah, no reason to accept pre conversion of jps before exercising the warrants unless some of those warrant shares get allocated to jps. tim pagliara talked about this briefly. i see this as an unlikely outcome but not impossible.. the most likely outcome is exercising the warrants then converting jps.. just my opinion, the sooner the better...