[InvertedRhodium]

I actually came here to ask why this is setup in this manner and I already find a partial answer! To extend a bit further - what possible motivation could there be to prompt someone to exchange more valuable Class C shares for Class A shares at a 1:1 basis?

[bradleyjg]

Only A shares are tradable. So if he wants to turn some of that paper wealth into money he needs to convert the shares first.