Fair enough Rick .I am happy to accept , and own shares in PPX...

Fair enough Rick .

I am happy to accept , and own shares in PPX and hope the business improves .

By accepting I will have liquidity and 250 shares in the company for each note .

If the notes stay weak I can always buy on market again , but with no exit opportunity I really would want to buy them at more like 100 times the share price than 250 times

The notes were trading at about 100 times before the offer, and once the offer is final I suspect they will again

As PPX have said this is a final offer , PXU holders will be a long dated call option at today's price of $10 over $100 .

The only hope as I see it for PXU holders who reject the offer , is for the $100 per note return on the outstanding amount to occur , or as I suspect a lower share offer multiple to occur if the the share price was say 50c on the board and management actually achieving what they forecast and getting the business back to profitable again in 2015

The really cant improve the number of shares they offer now as they have told those shareholders like me who elect to accept this is a final offer , so we then cannot be left disadvantaged by accepting their word.

As i see it the only way the cash could ever be returned would now be to see PPX have over $400 m in cash surplus to repay the $100 in cash to remaining note holders

If that ever happens the company will be worth far more than 50% of the outstanding notes repayment so in my view accepting is a win win .

I hold PPX and thanks to Graham cc bought in to PXU