Price and Co are in no bargaining position. They are just acting...

Price and Co are in no bargaining position. They are just acting tough and hoping to opportunistically pick up as many hybrids as possible which helps the SP and their small stakes and options.

Hybrid holders have called their bluff.

The real game will commence soon - maybe at the expiration of the offer. How many more PXU's will they pickup?? Hopefully no more than 5%.

SH equity is 0 or close to it. By collarary, hybrid holders OWN all of PPX - this is because the HYBRIDS sit above the ordinary shares. SO THERE IS NO REASON for hybrid holders to fold.

I believe with the few hybrids who do accept, this actually increases the equity value of the remaining hybrids.