Ultrasis - serious holders

So, inside money is converting loan stock into ORD stock. Why?
These are some possibilities I thought of:

1)
To get any money back while they can. This assumes complete collapse or receivership of ULT (ORD shareholders loose it all) in months ahead.

2)
To help ULT meeting its coupon payment by reducing amount of loan stock.

3)
Expecting excessive short term ORD share price movement UP and want to profit on it.
Why would an insider wanted to profit from a short term spike?

To me only 2) is somewhat positive, although it raises a question of the ULT’s CASH position.

Any views are welcome.