grahamcc lesson ii , page-4

"Now, about a serious matter. I'm genuinely interested to know why anyone would own both PPX and PXUPA. I've heard why people hold PPX and disagree with them; but holding both really confuses me."

Both makes sense imo.

PPX go to zero. PXUPA will get wound up and get more than current market price(but less than face value).
- lose on PPX but win on PXU
Nett reult Profit.

PPX make full recovery. PPX go up. PXUPA dont get cashed out but you will start seeing dividends and/or higher market price.
-win on PPX and win on PXU.
Nett result Profit.

Ok. In both outcomes you could achieve similar by just holding PXUPA. But for a large holding you have no vote owning just PXUPA. So I would think larger holders should have a few PPX even for voting only.

The third option is the most likely ST option but least likely LT. That is both PPX and PXUPA continue as is. No remarkeably recovery and no capitulation. But LT I dont see that as an option. They will sink or swim. Even if it involves recapitalisation or privitisation.