I am using wiki2beamer version: 0.9.5 (Fedora 20 package wiki2beamer-0.9.5-6.fc20.noarch).
* $J_x J_b J_c$
gets converted to
\item $J\textcolor{x J}{b J}c$
To suppress this I have to use
* $J_{x} J_{b} J_{c}$
This looks like http://sourceforge.net/p/wiki2beamer/bugs/4/ , but that was marked as fixed years ago.
I think the original fix simply looked for a {.*} after and underscore and didn't check for a viable color name.