andrew price has a dummy spit, page-10

PXU equity $272m is a good example of why balance sheets are hardly worth the paper they are written on.

The last remote chance of value creation has now gone with the failure of the deal to merge equity and hybrids.

Management will now plod on , take their salaries and charge their expenses to company, for as long as the banks will let them. At which point, I would imagine that 0 and 0 will prove to be the equity and hybrid values.