I thought as much. However I have read posts that people have successfully manually installed raw 8.1 into Elements 11. I have tried but with no success
The DNG converter is a non starter, just adding one more stage in the workflow!
Personally I am appauled Adobe doesn't provide this as an upgrade for Elements 11. I've only had the software for 18 months and now its useless.
This really really SUCKS! But then its one way Adobe try to get more money from you, not supporting a previous version requiring more expenditure to buy Elements 12.
I am seriously considering an alternative, maybe GIMP.
I am really really miffed. (English for very annoyed)