What Class A shares are the two of you talking about? The only Class A shares are common shares, just like the ones you have. And the only thing they convert to is cash when you sell them.
se: "Even if Kips 13G/A was a conversion of class A shares and not a new buy, I would think they'd be looking for a major liquidity event to sell those shares. "
sc: "Why the need for conversion though. As class A shares they were a safer bet for kips."