b shares convert The June 1 2007 prospectus for the b prefs as follows......
"On and after June 30, 2012 and prior to June 30, 2017, YPG Holdings may, at its option, upon not less than 30 days and not more than 60 days prior written notice, subject, if required, to regulatory approvals, exchange the outstanding Series 2 Shares, in whole or in part, into freely-tradable trust units (the “Units”) of the Fund or into freely tradable securities (the “New Tradable Securities”) of a publicly-listed entity successor to the Fund pursuant to a corporate reorganization."
The earliest they could announce is on April 1 2012. April Fools Day. I think they will convert both A and B prefs in July some time. But......