hdiutil convert imageFile -format UDRW -o ~/Desktop/newImageName
imageFile needs to be the full path to the image to convert. If there are spaces in the path, enclose the full path/name in ""
newImageName could be just about anything you want. It should automatically add the extension.
It will create a read/write disk image. It should not do anything to the original image.
If you use UDRO instead of UDRW, it will be a read only disk image.
If you are confused on entering the full path to the original image, just copy up to convert and paste into Terminal, leave a space, then drag the image file into the Terminal window. It will fill out the path. paste in the part after imageFile.
I don't have any idea if it can actually convert an obsolete image as I don't have one to try.
I think you will also have to add Terminal to Full Disk Access in the Security & Privacy System Prefs, Privacy tab.