I know this is a old discussion, but I ran into the same issue. I've tried to convert a Hyper-V Virtual Machine running Windows Server 2008 R2 (configured as a Terminal Server) with the vCenter Converter Standalone 5.0.1 Build 875114 to a standalone ESXi 5.1 U1 Build 1157734. So far no problems while migrating and after but I wasn't able to establish a RDP connection TO this VM. VM was ping-able and I was able to establish a RDP-connection from this VM.
After some time of trying and searching, I finally foud the reason...
The configured TS-Connection was linked to the former network adapter, which wasn't present anymore. While converting, the Converter adds a new network adapter, which also got another name in the OS.
After reconfiguring the TS-Service and linking it to the new network adapter I was able to successfully establish a RDP connection to the VM.
Another workaround here would be to disable or delete the configured RDP-Connection from the TS, uninstall the network adapter and THEN convert the VM. After converting, you can rename the new network adapter to the origin name of the former network adapter and enable the configured RDP-Connection or setup a new one.
Sure, some steps of the above could be obsolete, I will try it out and edit or add my knowledge about it.
Hope this could help someone who's trying to convert a Windows Terminal Server.