I'm interested in understanding this more. Even if Europe breaks...

I'm interested in understanding this more.
Even if Europe breaks even all the Profit is being made elsewhere. Knowing the lovely banks can't see how they will allow any distribution to the Hybrid - they will want profit to pay off debt.
European banks hold a covenant over any distribution to the Hybrid.
Also the pension fund is underfunded by 120 mil so at some point this needs to be addressed
I don't know "Andrew' but all I see is statements with little backing - attacking the Hybrid holders, the great 39 different ideas (which to date have not been identified), and what looks like a restructuring plan that was there well before he got there and being delivered on the same time line.
As the Thailand t shirt says same same but different