paperlinx – simplifying the capital structure, page-8

jamwolf

Regrettably too many people believe "PXUPA is in much the same boat as PPX".

The power balance changes with the debt/equity balance. I've written elsewhere about my view of the "values" of PPX and PXUPA.

PXUPA holders become more powerful by the day as PPX and Toby run out of wriggle room.

"do a sensible deal for the benefit of all" isn't what happens on markets.