"1) A senior-to-common conversion can happen. 2) Treasury does not fear any lawsuits over that conversion."
1) is a fact 2.) is your opinion based on events transpired
Others may view the same event (Treasury considered conversion but did NOT execute it), and interpolate it differently than you do. Maybe there was something that gave them pause? We may never know.
You keep touting #2 in post after post, as if it's a fact and must be true. Treasury almost did something, but didn't... therefore it means they don't fear anything... It's a non-sequitur. Not a good look for you given your auto-signature of logical fallacies.