hybrids friendless on the bid , page-5

Remaining PXU should be laughing every time the company puts in a relevant interest notice, as priority remains for the PXU and fair value would always need to recognise the step-up interest component outstanding - presently some $15 on every PXU outstanding - that prevents any PPX dividend being paid.

Are PPX holders only in it for the capital gain because there sure ain't any dividends possible (rhetorical question as there is no cogent reason for PPX while PXU exist).