It looks like the document is not "converting." It says it's only 50% converted. It's been like almost 2 hours.. is there a way to convert faster?
Gray lines are called "greeking" and are a way to draw the screen quickly when the type would be small and hard to read. You can adjust the size at which type greeks in the prefs under Display Performance.
As for a delay in conversion, sounds like a problem in the file. As whomever is sending the file to resend, or to send a .idml file instead.