Convertible notes can have a clause that they turn into preferred at a specific valuation after a set amount of time. So this is not correct. I'm really not su

Convertible notes can have a clause that they turn into preferred at a specific valuation after a set amount of time. So this is not correct. I'm really not sure how preferred acts "like" convertible debt. They are radically different things. The main value of a convert is a) nobody really needs to lead, as it is usually drafted by the startup, b) it is cheaper and easier on the leg a side, and c) it doesn't set a valuation on the company.