No matter how many times you repeat a myth, it remains a myth.
Its the "myth of "generous" conversion, similar to the Santa Claus myth. When there is a so called "myth of generous conversion", Santa mails each good investor money for his wisdom of buying preferred, and investing in the Toy Factory at the North pole.
The myth of generous conversion is a myth because no one wants to pay for the free money to preferreds for the generous conversion.
Its not a conversion. Its a free money conversion, you want. If you want to convert your preferreds to common, then simply sell em and buy commons.
Of course, the fallacy of it all is, "Why in the world" would you WANT to convert to commons, if you think they are worthless? You could "convert" a new car into scrap metal, but do you really want to convert a new car into a less valuable piece of scrap metal?
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