ugly result, page-23

One of the reasons it is a noose is that it's market value and priority ranking effectively close out PPX's ability to raise equity capital to fund restructuring or pay down debt, leaving only operating cash flow and sales of assets as potential sources of funding.

At the end of this process (if it continues as a going concern), how likely is it that what's left of the business will generate enough cash to support turning back on PXUPA distributions, let along any return to ordinary shareholders?

A liquidation is the rational course of action, but the nature of the optional PXUPA distribution as exempt from the solvency test "being able to meet obligations when they fall due" simply gives perpetually optimistic management an indefinite permit to keep flogging a horse which is on life support on the minority chance it revives, and extracting salaries all the while.

Time value effects aside, a $8 market price is notionally equivalent to a binary 8% probability of full recovery and redemption, against 92% probability of bankruptcy and zero return. You can cut this a number of ways, but the market is giving a strong indication here.