14 C ONFIDENTIAL NO T F OR DIS TR IB UTIO N Conversi on Pr inciples F airn ess for all claimh old ers same rul es for ever yone Avoi d an ongoin g conver si on pr ocess N o winn ers and loser s A bsol ute certainty of tenure Absol ute a cc uracy of c lai m locations N o more di spu tes about claim boun dari es No los s of ri ghts or tenu re