Yes, Mnuchin asked. But the conversion elephant for JPS is still in the room. Whether it's okay or not, depends on the terms. Without a haircut (or just a small one, like with AIG) I would be fine.
A conversion couldn't happen without the votes of 2/3 of the JPS holders (Pagliara, Hindes, Fairholme) anyway. They rejected Mnuchin's offer at the time. I wonder if they would agree to a haircut of 35 % or more now (AIG JPS had less than a 10 % haircut).
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