[vmception]

Another thing trusts and convertibles can be used for are getting around transfer restrictions placed on the securities or owner

You can always swap out the trustee on a trust, giving full control without transferring title of the security

A lot of fun things you can do in the financial engineering space

edit: I’ve seen them done on employee shares/stock options, or on LLC membership interests, but in this case I could imagine being able to change ownership without reporting insider sales (likely not 100% compliant from the regulatory perspective but its likely never been challenged in court especially if nobody knows the trustee changed lol), or just easier asset management for inheritance purposes