Im weary of any major shareholders motives. They might be...

Im weary of any major shareholders motives. They might be backing management but they could also be defending their position by gaining substantial vote and forcing re-shuffle.

Same as why I highly doubt your 50% hybrid would ever ring true. Its not about a magical 50.1% for control. As little as 5% causes EGM and possible board spill. 20% gets seat on board. And PXUPA holders in general are not allies. They will most likely remain on the books for a few years unless PPX collapse and need a rescue package.

I mean, PPX can hardly afford $100 face value. PXUPA will never accept market value. And most values in between are either relinquishing control unfeasible to one party or another.

Also the PXUPA is still a messy structure for PPX which offers huge protection from hostile take over. They wouldn't want to be looking over shoulder every second for some hostile private equity offer.