JamwolfGood post.Graham has done a sterling job at Paperlinx Sux...

Jamwolf

Good post.

Graham has done a sterling job at Paperlinx Sux and now PIGS on behalf of PXUPA holders,

You are also correct about the misalignment of PPX and PXUPA holder interests. However I believe Andrew Price and the rest of the Board are very much aligned with the interests of PPX holders as they should be.

While Graham uses the current capital values that can be associated with PPX and PXUPA units, the fact that the Hybrid terms favor PPX and the chances that PPX are being turned around are also factors in values that individual shareholders can accept.

As I have said before, as one who holds both, I am in no hurry to rush into a deal until all the cards are on the table including any proposed CR and the detailed justification for one. If there is to be a CR and the Board can demonstrate a path to profitability I would rather contribute to a CR than have an outsider take the cream.