is pxupa a buy?, page-74

Re PXUPA

I'm new to this link but I see PXUPA as a "must have" at these prices....or am I missing something?

Am I right in that as a second tier debt instrument that the $100/PXUPA is secured by the PXU assets (after the banks) and that the PXU assets easily cover all debt - correct?

Then is not the $100 / PXUPA secure?

At $33/ PXUPA then current return is ~ 20% p.a.

Also a step up or remarketing in 2012 which would see return on PXUPA increased (stepped up) or converted to PXU or paid out - correct?

Seems like exceptional value or am I missing something?