RE:This could turn out very BadWell, not really. If you have a $1000 worth of TST today, on the day the shares are converted you will get $1000 worth of PLI.
I know what you mean though....the opposite is true as well though, if PLI goes down we get more shares on day they are converted.
Personnally I'm going to wait a bit in case there is another offer. After that, I may take half my shares and sell them and buy PLI to guard against PLI going up prior to the conversion.