That is why I own K's. Not holding any P's but a few H's and commons. K's are goldern in my opinion compared to any other equity. Let the screw keep turning.
Converting P's while not converting K's would mean the two securities are not pari passu, and the POR states that they are both in class 18, and as such, will receive equal treatment. Your suggested scenario isn't likely to happen unless the new POR changes the classes, which is highly unlikely.
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