the best hybrid, page-13

Yes, i agree there.
Is your point that in the event that they stop making coupon payments (lets say for 5 years or indefinitely until the credit crisis is over) that the SP wont drop because the market will understand that at some point in the future that they will again make payments because mxupa pays coupons infront of BAM equity or pref shares?

Remember MXUPA are listed while BAM is not. Also dont get me wrong i dont hate these (I own some) all i point out is that this isnt "back up the truck for 50% return" type stuff. There is a very real risk here that they stop paying and these tank to 5c in the $.

What is your plan should this risk play out? Do you think you will be able to get out before the market realises this or do you think you will hold long term (sitting on a big paper loss) with no coupon knowing that at some point they may pay again.