Yes, from a draconian interpretation, a more liberal interpretation says I do own the source material, on a different format. The rule says "content providers deserve to be compensated", which I agree with, I disagree with compensating them TWICE for the same transfer. And that's now where I'll end my part of the discussion.
I own up to four copies of some movies already, the last thing I need is to buy more duplicates in my DVD/BD collection.