Then I would say that things are not being made clear. Where does it get its power from? Can it select which PixelNet universe it is working with?
The Pixelnet to DMX converter can only handle one Pixelnet Universe because it only has one set of holes to connect the Pixelnet data lines and no Pixelnet Universe selection jumpers. You select which universe to send it by connecting it to that universe, whether that is by plugging it into a hub's SSC/DSC port or by connecting it to a 4-pair Pixelnet output port and wiring the pair of wires for the desired universe to the data input on the converter board.
If I wanted to convert Pixelnet Universe 3 to DMX without having to have an Active Hub on Universe 3, I could just take a cable w/ RJ45 connector and wire up the third pair to the Pixelnet to DMX converter, connect a 12V source to the convert, and I just saved $30-40 over buying an Active Hub just for it's Pixelnet to DMX conversion capability. This is similar to what you are talking about with the conductor. I could plug this same cable into the Conductor and pick off the universe I want if all I wanted was DMX output from the Conductor.
It gets its 12V power from wherever you want it to get it from. If you connect it to a Hub, it gets the power from there (if you wired the converter board up that way as it is designed). If you wanted to use it without a hub, you can do so if you provide the 12V power to it separately.