price slide, page-144

Blues

>Agree PPX can decide whether to pay distibutions to PXU's.

$20 million or so to PXU represents ~ 0.4% in a business turning over $5 billion p.a.

The question for me becomes why have they stopped?

Stopping payments tells everyone we're not paying our dues, things are tough, we're in trouble etc


That is precisely why PPX stopped PXU divs. In my opinion it was the prudent thing to do. With the uncertainties in especially in the European market and the costs of restructuring to do otherwise would be reckless. This has been canvassed widely here and I see it as a no brainer.

Companies that keep paying divs etc, often from debt,as a form of window dressing when things go bad are the ones most likely to go belly up.