Ferryman - there are 1,000s of stories like BEC. The one saving...

Ferryman - there are 1,000s of stories like BEC. The one saving grace for PaperlinX as a business is that paper is a basic commodity and PaperlinX enjoys good brands and distribution. Paper is boring.

Every major shift in shareholding involves major players like Goldman selling PXUPA; and four OZ Instos buying/holding 49% of PPX.

Let them run their race and you run yours.

Yes, reset is an option - bring it on. At $30 PXUPA currently has a running yield of 25%. Even more is merrier for the marginal investor.

The stepped up rate is intended as a penalty and will ultimately do its job - ie pay out of PXUPA at face value of $100; either by a profitable PPX capable of accessing cheaper funding or the successful suitor of PPX.

Call it opportunistic if you wish, PXUPA holders win whether PaperlinX succeeds or fails.