I am only new to the PXUPA register, so forgive me if I am...

I am only new to the PXUPA register, so forgive me if I am repeating a question answered many times before. But I am wondering why anyone would accept the deal being offered when the terms of the hybrids state a conversion formula if the company wants to realise the hybrids? Why should hybrid holders accept anything other than what is in the terms of the hybrids? Surely everyone invested at every level of the capital structure(ie. including ordinary share investors) in the knowledge of the terms of the hybrids and the conversion formula contained therein. Why expect or accept anything different?