I can't follow Firsova's logic.That PPX holders have lost more...

I can't follow Firsova's logic.

That PPX holders have lost more money than PXUPA holders is a given. After all, they rank lowest out of debt, quasi-debt, and equity.

When times are tough, equity suffers the most.

Conversely, when times are great, equity BENEFITS the most.

To use an extreme example, if PaperlinX were to become the next Berkshire Hathaway and become a multi-million bagger from here on, would we also expect PXUPA to follow suit?

Of course not. A hundred bucks is all they're going to get. Which is why GrahamCC is spot on. $100 is not going to go away, save in the most desperate of circumstances.

Which is why I continue to hold PXUPA only.