I wouldn't, as your numbers are wrong.
Or more likely they are cognizant that the late stage, pre-IPO private market is inflated relative to the public markets and they are better off taking some money off the table prior to IPO.
was supposed to be today.
When you go public before your have figured out how to scale profitably, you put your fate in the hands of 3rd parties.
That's what RocketFuel did and they are seeing the negative reprecussions to that decision here.
They may be a great company in the future and have figured everything out on how to get there, but until you start putting up real profits they expose themselves to investor games.
Not sure about that...but we'll see. I think KMI has been the under-priced asset in the mix.
Still not worth converting imo. Why move down the cap structure to earn less yield from a decaying asset? What are you guys thinking anyways?