over 8% of pxupa now owned by a hedge fund., page-11

its simply a game of chicken. if bank's security is compromised in administration (due to profitable contracts having triggers to terminate etc), then hybrids can negotiate to be paid a premium to their intrinsic value in liquidation just to approve a restructure.

it all depends on whether they get to vote on restructure or not.

that was exactly the play they tried with Prime Infrastucture and with Alinta.