Just a guess, but if the converts were for a certain amount of $'s for shares and the company might have exceeded their a/s. They probably had to convert those into different shares. The common shares go back to the treasury to be re-issued or sold into the market for a buyout/merger or cash flow. I have seen it before.
Ex. pps drops in a few days when the offer is made from say .004 to .0015 (offer was at .004, counter was .002) . There wouldn't be enough shares in the treasury (max a/s) to cover the PPM but it is still on paper to be issued at a later date. So maybe the shares weren't issued right away. Than a deal had to be made to covert to a different series of shares. Just a guess of coarse.
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