It's also worth to mention that this PT is trabable in the sense that I do process transfers from one user to another, which CM as direct share provider never did and never will with the note that users should wait for CipherTrade...
Ah, bingo -- there
is value being added here, because you're providing
trading between PT shares. And I hadn't quite twigged that Kate's reactions to the whole situation had gone so far as to include forced lock-in by freezing the shareholder register altogether.

Surely folks have to wonder: why on Earth didn't CM convert the entire shareholder base to your PT -- or, alternatively, hand over management of their shareholder register to you while dropping the PT altogether -- since you're apparently offering their shareholders something that they themselves refuse to offer?
(I'm not looking for an answer -- just marvelling at this latest reminder of the eccentricities of CM management.)
CM <> CM-PT is still not possible and will probably not be before CipherTrade goes live according to Kate's statements, but if you are asking about CM-PT <> CM-PT, then yes, that's possible.
PT shares which are not redeemable for the underlying...only in CM-land...