over 8% of pxupa now owned by a hedge fund., page-37

No I am not certain whether PXUPA can be directly bought back by PPX, but I am confident that a way can be found by the experts for the buy-back, perhaps via a three-way arrangement between PPX, PXUPA Trust & PXUPA holders, or perhaps by involving an external party. As long as there are significant willing PXUPA holders ready to part with their holding at a heavily discounted prices, which seems to be the case at present, I am sure a solution can be found, and this may even involve PXUPA holders agreeing to waive any restriction against doing so if this would improve their chance of capital recovery compared to where things are at present.

I agree, jamwolf, that the current PXUPA situation is a luxury PPX would love to hang on to for a long time as it has little obligation to service the capital they have received via the hybrids. But if PPX waited for two years to make a move on buy-back, PXUPA units may not be available at heavily discounted prices. Of course a buy-back makes sense only if PPX (and the external finacier)sees a future for the company; if there seems to be no future then all this discussion would be academic and everyone would be stuffed!