Blues234 - agree the point you last made. In fact the broader question for PPX is to deal the hybrids out of the game somehow or their ability to swamp the PPX or stand in priority remains manifest, and while the hybrids are not paid dividend then neither can the PPX and so the value is further impacted.
Incidentally, you mention $267.5M for the hybrids - why? Is not the face value $285M and the Redemption Value about $295M?
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