Wouldn't it be easiest to just give back the GRAFF shares as if they have been holding all along?
Sure that sucks for converters, but it's the same as those who didn't convert, It seems like the easiest route and it's a better pps than they're worth now. Besides, if you're long on the company, then you probably wouldn't have cashed out since anyway.
Seems that the best option might be to just go back in time and pretend that the conversion never happened.