over 8% of pxupa now owned by a hedge fund., page-22

I think it is exceptionally difficult to estimate current NTA without a good sense of current trading performance. In any case, if you are trying to assess whether there would be anything left for PXUPA holders in a liquidation, the liabilities for employee redundancies, lease termination fees and the like (which are not recorded as liabilities in the company's balance sheet) need to be estimated. I have not seen any estimates of those numbers but my guess is that unrecognized liabilities will eat up pretty much everything and there would be nothing substantial left for PXUPA holders. My view is that hybrid holders buying in at current levels are working on the assumption that PPX will either trade out of its difficulties, or be sold off with some sort of debt restructuring flowing.