There is no way how you can ever convert an actual multimedia file to a playlist. A playlist just references data and does not contain any audio at all.
You can only create a playlist and add which songs it should play.This can achieved using any media player that can save playlists, but otherwise mp4 to m3u conversion is simply not possible.
This conversion entry was verified by us and conversion was flagged as wrong or not possible.
Usually this happens when the conversion would try to convert different types of data between each other, such as audio to image, or it is not possible because incompatibility between programs, caused by closed file formats, very limited support etc.
If you find entry that you feel is flagged as bad wrongly, please tell us in the discussion below with as much as information as possible so we can fix it.