can we discuss pxu here?, page-2

OK with me :).

Cleo, as u hold both PPX and PXU would be interested on how u think the future will unfold.

I am concerned that PPX may be in a death spiral and that PPX holders (lead by Orbis) will simply try to hang on until the assets have been signifcantly eroded and therefore impact on any $$$ to PXU in outcome 3)

Outcomes I see are:

1) PPX recovers - and a) wants to pay divis to PPX holders so must pay PXU holders distributions. or b) continues not to pay divis to either PPX or PXU

2) PPX gets taken over (change of control event), so PXU get paid (cash or conversion),

3) winding up event - PXU get paid whatever is left, likely much less than $100, with $0 worst case.

EUROPE IMPACT

Also, does anyone have any views on how the sale of PPX Europe (if it occurs) will impact? I think that this may make PPX a better takeover target? But it will also have the $285 mill on PXUs still to