I never cease to be amused at references to on-market PXUPA...

I never cease to be amused at references to on-market PXUPA buybacks, particularly partial.

These fail to address what seem to be two insurmountable problems:

(1) PaperlinX doesn't have the cash and won't have until it starts making money;

(2) Even if it had the cash to undertake an on market partial buyback, that doesn't solve the residual overhang problem.

Nice in theory. If PaperlinX had the cash then PXUPA wouldn't be $9.

Personally I'd like to see a partial buyback to 90% of PXUPA. I'll be in the remaining 10% and probably get paid $100.