well said and clear so it "might-will" happen (the conversion) but based on an agreement
do you see an SPO (aside from GOV selling its common shares - which "post agreement" say are 80% of the company - like now)
an SPO to raise more capital OR waiting say 2-3 years of earnings accumulation to get high enough capital (I assume the entire agreement that negotiates a % ownership of common of JPS also kills the existing LP entirely and any dividend obligation)