RE: No conversion illusion of preferred A The way I read it, prior to Mar 30,2012 YPG requires approval of the Pref. series1 shareholders to successfully complete a conversion to units.
"In addition, the Series 1 Shares will be exchangeable at the option of YPG Holdings, in whole or in part, into Units or New Tradable Securities on or after March 31, 2007, provided that any exchange prior to March 31, 2012 shall be limited to circumstances where the Series 1 Shares are entitled to vote separately as a class or series by law or court order."
After March 31, 2012 30 to 60 days notice is only required to be provided to the Pref. series 1 shareholders prior to exchange.
Keep in mind that the clause in the short form also states "pursuant to a corporate reorganization" which leads me to believe that conversion can only be exercised during a substantive change of organizational structure.