The only snag with this is that he doesn't need to formally convert his shares and he didn't actually convert his shares.
The B shares remain.
The particular 13D filing states that:
"As of October 1, 2019, the previously disclosed security interest in the Class B ordinary shares is no longer in effect."
And this was somehow interpreted by the rags (and seemingly quite a few of our in-house financial experts) as an indication of a share conversion and a possible precursor to a sale.
The previously disclosed security interest refers to a loan agreement in 2017 where about 4.5m B shares (in KEGT Holdings LLC) were used as collateral. Presumably, that loan or conditions attaching were settled.
The notable thing is that in 2017 all shares in Red Football LLC (the company through which The Glazers repaid the PIK loan around 2010 and repository for most of shares owned by the family after the IPO in 2012) were transferred to both a family trust and LLC for each Glazer. At exactly the same time Each LLC provided collateral for separate loan agreements with each of the Glazers. The combined collateral of roughly 50m B shares hints at a sizeable overall loan.
Speculating as to why moving shares from Red football LLC would trigger such a sequence of events is iffy given the paucity of info that can be gleaned from 13D filings, but if I had to hang it out there, I reckon that family are still dealing with PIK legacy issues, the new separate loans amounting to the latest refinancing of a loan (housed in red football LLC or a rung above) that funded the PIK repayment around 2010.