FYI - court outcome, page-4

Coastal lost. Only door left slightly ajar is point 15. SPS holders can't force a conversion.
Here is a possible solution
i) Accept that the directors have a fiduciary duty to both SPS and ordinary shareholders
ii)Accept that now that the non Australian operations have gone, there is no possibility of SPS holders of receiving full value for their securities, and that they have very limited rights after that. Its not debt. They don't own the company.
iii) Accept that the directors need to solve the problem in order to create the ability to generate capital when needed.
iv) Accep that the entity value is probably around $100m but that because of the SPS/Ord dilemma , its capitalised at less than half that.

So directors need to fulfil their fiduciary duty and decide how much the ordinary shareholders and SPS holders should own of the company.

If it is 50/50, then issue ordinary shareholders roughly 240m of new SPS for nothing and then convert all the SPS to equity. Each group would then own 50% of the company and it could get on with a normal corporate structure, raise capital, trade at a reasonable value etc etc.
The only issue they directors need to decide is what is an equitable split of the company and I would judge that given the extremely limited rights of SPS holders, they don't get more than 50%

If SPS holders really think they can hold the company to ransom, as a director I would do the following. PPX will make money for a number of years. After accumulating years of profit , directors pay SPS holders a years worth of dividends and then pay the rest out to ordinary. SPS holders get $6 per SPS, ordinary get everything else.
Repeat the task and SPS holders get $6 every decade and ordinary shareholders get kinda what they want