How many times must this Note convert...

Let's pretend it's just one or three. The answer, my friend, is blowing in the wind, and there will be more holders than you think. 

We love reading Notes term sheets - there's all these structured sections that we parse into our library of modules, which reminds us of brainstorming sessions, spreadsheet reviews, and debugging nightmares and various other forms of institutional trauma. We publicize it as "expertise", but you know what it is. 

We meet M&A attorneys who are building their practice who love spending another 45 minutes cranking out a Notes conversion. It gets boring only much later in their week, when they've had to revisit it four more times.

This is when they remember they already have a way to spend their time making actual client impact instead. Do you?