Agree with all that if Administrators called in then expect$0 to...

Agree with all that if Administrators called in then expect$0 to everyone except the banks.

Not sure where u r coming from finch2 re "working out"? As a PXUPA holder (and ex PPX holder) I really want Price and Co to succeed and have no animosity as the current situation is not his doing.

The key for me is what happens from here.

I would like nothing better than for PPX to be very profitable and PXUPAs to be receiving distributions(say $7.60 p.a.) as this would provide a PXUPA price (I expect) > $60.

This would also allow PPX to pay dividends to ordinaries!

This is however IMHO not likely before 2015.Importantly, it also requires a desire to pay the PXUPA distribution - something with PPX has not only not been keen to do - but actually shown little (if any) regard to PXUPA holders - and IMHO this is a cause of some of the the PXUPA angst.

As I have previously posted, I speculate a more likely scenario is if PPX turns the ship around, that PPX will aim to "redeem" PXUPAs at less than $100 face value in cash , with the balance made up with PPX.

In case you missed an earlier post of mine, I have done some sums (similar to below) and there would be no change in PPX SP (10c) if PXUPAs paid $60 and $40 converted to PPX.

Even so, perhaps PPX could propose $60 per PXUPA and say $25 for conversion to PPX.

That way PPX dilution only around 55% and the actual SP of around 13 c would result from ~ $117 mill (ie 600 mill PPX @ 10c + 2.85 mill PXUPA x $40 ) / ( 600 mill PPX + 2.85 x$25/$0.10 PXUPA conversion.)

NOTE: Still means PXUPA holders take a $15 haircut plus all the foregone distributions which probably total $25+ and whilst gone forever, can fairly be placed on the table for moral consideration in terms of "something foregone" as many entered PXUPA for the dividends.

Paying $171 mill to retire $285 mill works for me every day but issue is where does PPX get $171 mill to pay PXUPAs? This will not happen until PPX can satisfy banks that it is in their interest.

Again, this will depend on the ship turning.

Believe something like this strategy will be played out at some stage. The further PPX prices rise then the closer to $100 I expect PXUPA holders will require.