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rust converter is usually a form of phosphoric acid that when applied to rust goes through a chemcal reaction,converting the rust to iron phosphate (i think) which is chemically inert ie: not rusting.
once converted, rust preventative products ( fish oil,lanolin, primer and paint etc) are applied to prevent further rusting.
the trick is that there has to be some rust there for the chemical reaction to occur, so if you go wild with the sander or wire brush and remove ALL the rust then the converter has nothing to react with.