anzac day arrives early at paperlinx, page-8

austted - I believe you are, not maybe, wrong because Price & Co need to resolve the hybrids well before any share price appreciation in PPX, if PaperlinX does enjoy a turnaround which is still far from certain.

PaperlinX can restructure organisationally, and all but tread water, but it's the balance sheet which is their challenge.

Why else would it have reportedly engaged Moelis & Company?

There are signs everywhere that the board of PaperlinX is setting up to screw the hybrids - have a read of this.

http://paperlinxpigs.wordpress.com/2013/04/24/corporate-governance-turning-opaque-at-paperlinx/

I invite your response to the facts.