"I believe with the few hybrids who do accept, this actually...

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

Not really. The PXUPA arent being cancelled. PPX will own them. So the $285mil will remain on the balance sheet in full. But eventually PPX might cancel them if they get a large enough share.

Out of curiosity, does anyone know if the few conversions already haapened. Are the shares issued already? Didnt see a 3B. Or do they need to wait for the offer to close to get their 250-1 shares?