\def\:temp{\special{t4ht\string~<<NOMINATOR>}\HCode{</NOMINATOR><DENOMINATOR>}\o:over:
\special{t4ht\string~></DENOMINATOR>}}
\Let\over=\:temp
aa
\special{t4ht\string~}$
{A
\over
B}
\over
C
$\special{t4ht\string~}