I spoke to someone high up at Paperlinx last week. Made the...

I spoke to someone high up at Paperlinx last week.

Made the following points:

1. From the canadian sale half is gone in Europe. The other 50% is in the paperlinx coffers.
2. The Management/Board is not interested in addressing the Hybrid situation anytime soon-they want to get the company issues bedded down first.
3. The same issues that plagued Europe are also ones Ppx faces in Australia-except that the local operations can get costs under control more quickly
4. The Board's loyalty is to PPx (they are independent)  not the Hybrid shareholders. If the Board were to turn around and offer a conversion to the hybrids that would significantly disadvantage the Ppx holders, the Board could be rolled by its shareholders preventing them doing this.

From my own perspective I would not buy the hybrids-especially at this stage. If the Company begins a turn around, the PPx shares will rise by a significantly greater percentage than the hybrids-as I think it has been shown so far.