price slide, page-110

Kiril,

Not sure why you think SPS holders were not looking for this position because it is clearly one of 3 options on a change of control event.

At least it gets conversion at $100 per SPS ie ~ 1500 PPX per SPS which would probably be followed by a consolidation.

Unfortunately this option completely wipes out existing PPX holders equity and represents the worst case scenario for PPX holders, and very unfortunate for those PPX holders that believe there is a future in PPX.