To be honest after I read the hybrid prospectus I was wondering...

To be honest after I read the hybrid prospectus I was wondering why anyone on earth would have invested into the hybrids. Seemed like they have most of the downside of equity and not even all of the upside of debt only. It wass probably mostly OPs money invested in these maybe.

Amused you have made some good insights about ELD, but I disagree about the hybrids - I would be perfectly happy if ELD pay no divvies for the next 5 or 10 years and have the use of $150m for free over that period. Of course the hybrid holders may not be happy about that, but a deal is a deal and the terms are clearly outlined in the prospectus.

ELD is not out of the woods yet, and I like the conservative approach mgmt are taking.

I am an NZ resident and I can't use FCs and pay double tax on any dividends - so from a personal tax POV I prefer no dividends to be paid out. Might make me a little biased on this.