1. A method of transforming a source virtual machine (VM) file from one hypervisor format to a different hypervisor format without migration of payload data, wherein the source VM file comprises hypervisor metadata data elements, in a source hypervisor format, and payload data elements, the metadata and payload data elements being stored as objects in an object store on a persistent storage media, and wherein indirections are used by a file system or storage system to access the data elements in the object store, the method including steps of: transforming the source metadata data elements to create destination metadata data elements in a destination hypervisor format different from the source hypervisor format; maintaining the locations of the payload data elements stored in the object store during the conversion of the metadata data elements from source to destination file formats without copying the payload data elements; and creating new indirections to reference the destination metadata data elements in the destination hypervisor format and maintaining indirections to reference the existing stored payload data elements in the object store.