There is scant precedent for the conversion in fund types.

FORBES: Looking for the Exit Sign

"With the conversion of a fund, or the opening of ETF shares on an existing fund, you should see the record, the star rating and everything transfer, " said Scott Burns, director of ETF analysis for Morningstar.

WSJ: Fund Track: Fund Companies Jump Into ETFs

West Ham would also be able to use the proceeds from the sale of their current Upton Park home to help fund the conversion.

BBC: Deadline set for 2012 London Olympics stadium bids

Again, there is little precedent for the conversion of a closed-end fund to an operating company, if not for the self-dealing.

FORBES: Looking for the Exit Sign

Hayes has stopped honoring demands for conversion of the preferred and has sued the hedge fund operators in New York State Supreme Court.

FORBES: Pact with the devil