If the offer was so disgusting the share price of PXUPA would...

If the offer was so disgusting the share price of PXUPA would not have been in a range of 100 to 200 PPX shares for almost all of the last 12 months .

Most of the time it was actually 100-150 PPX for each PXUPA

The independent trustee placed a value on the stock at about 140 times .

At .06 it works out at $15 per hybrid , it has not traded at that level for ages .

At .09c where the share were earlier in the year that is well over $20 , a long term high

I personally think all the negativity from PIGS and other holders of the hybrids who have very little interest in owning shares in the company itself has pushed the price down way to far and made the multiple offered far to generous not disgusting

PPX shareholders have lost 98% of their value since the Hybrids were issued and the company waited far to long to cease distributions

Giving 54% of the company back to the hybrids hands control to the Hybrids ,control changes and if they are a single group as PIGS suggests they can choose their won board and sell off the assets, or continue doing what this board is doing and acting sagely and trying to turn around so many poor decisions made by the previous boards and management .

This offer is to fair in my view and is the reason why the shares fell on Friday and is the reason the hybrid price rose .