If the value of all of the HBD exceeds 30% of the value of HBD+HIVE, you can still convert HBD to HIVE but the converted value will be reduced. Last I saw the ratio was under 10%, so this is not close to happening, and it hasn't gotten to that ratio ever, but it is something to keep in mind as being possible.
RE: The Most Undiscovered Gem Of Hive