can sps trust be forced to buy out pxupa's? , page-27

Thanks Boomer,

Conclusion that follows is if a company goes in to administration, then hybrids will be worthless.

If so, then PXU holders need to take notice to prevent administration.

Not sure what (if any) levers we have?

One thing that concerns me is PPX showing PXU as equity on their balance sheet. In my view PXU is debt.

On this basis 2011 Report should be showing equity as $166 mill and not $736 mill