buying, page-25

Scarabbeetles, I broadly – Comparison with GNS and GNSPA is a spurious correlation as the value of PXUPA doesn't necessarily depend upon “mothership” ppx. PaperlinX now comprises six discrete businesses:
...
Comparing these two businesses, PPX and GNS, is simply wrong.

How about considering the facts"

Scarabbeetles >My point was that PXUPA cannot not divorce itself from the fact that it's ultimate destiny was the performance of PPX. This was the reason behind my reference to the GNS and GNSPA structures. Even debtholders are only as secure as their underlying secured asset base. Would like to see a turnaround in PPX as the first foundation of a valuation of PXUPA.

Scarabbeetles, I broadly agree with you. Given the conditions attached to the hybrids, I believe you would have to be foolish to think the Directors, or indeed the shareholders, of PPX would agree with a liquidation which returned almost all of the funds to the PXUPAs. On the other hand, Graham has a point in that PPX has a number of viable businesses probably more so than GNS where the whole thing really swung around the controversial paper mill.