diff --git a/lib/lyx2lyx/lyx_1_6.py b/lib/lyx2lyx/lyx_1_6.py
index 0f59bbab2f..bc71d94418 100644
--- a/lib/lyx2lyx/lyx_1_6.py
+++ b/lib/lyx2lyx/lyx_1_6.py
@@ -2319,11 +2319,12 @@ def revert_wrapplacement(document):
             document.warning("Malformed LyX document: Couldn't find placement parameter of wrap float.")
             i += 1
             continue
-        r = re.compile("placement (o|i|l|r)")
+        r = re.compile("placement (o|i|l|r|O|I|L|R)")
         m = r.match(document.body[j])
         if m == None:
             document.warning("Malformed LyX document: Placement option isn't O|I|R|L!")
-        document.body[j] = "placement " + m.group(1).lower()
+        else:
+            document.body[j] = "placement " + m.group(1).lower()
         i = j