Asset Bundle Import / Export - iPhone Texture Compression Issue

I have an asset bundle built for the Web, and I need to convert it, via script, to work on iPhone:

WWW loader = new WWW(string.Concat("file:///", assetLocation));
GameObject mainAsset = loader.assetBundle.mainAsset;

Selection.activeObject = mainAsset;
Object[] assets = Selection.GetFiltered(typeof(Object), SelectionMode.DeepAssets);

BuildPipeline.BuildAssetBundle(
	mainAsset, 
	assets, 
	"converted.unity3d", 
	BuildAssetBundleOptions.CollectDependencies | 
	BuildAssetBundleOptions.CompleteAssets,
	EditorUserBuildSettings.activeBuildTarget
);

However, I get the error:

DXT1 compressed textures are not supported when publishing to iPhone

I’m running the script this is from via command line Unity (executeMethod), and the project is set to iPhone as the target. Prior to running the script, I copy the Web bundle into Assets/resources.

Ideas? Information?

Edit: It appears that I can only convert an asset bundle for a different platform to Android, as Android → iOS fails, as does Android, iOS → Web. But the solution is probably universal.

To do this you will need to export the real assets from the Unity project that created them.
You can not do cross conversions between platforms that are incompatible ie ‘active target iphone’ is useless if the assets you try to use are not iOS compatible right from the start as the platform target will not reconvert them (nor would it yield any usable quality doing so from DXTC to PVRTC)