"PPX imho should have nil value but may have some residual value...

"PPX imho should have nil value but may have some residual value due to the fact the hybrid holders will have to concede something to end this saga."
Racdan,
The board shouldn't favour anyone over the the ords, but Rick is correct in his statement.
Shares may well not be held for dividends, but they are held for some return eventually.
The ords only hope of any return, is doing a deal with the hybrids[or I suppose getting the company value over approx. 300mill eventually, and then the ords great grandchildren will applaud the intransigence].
Only the structure of the carve up is the issue.
There are some scenarios , such as a bank forced capital raising , where the board will have no choice.
Then the only real weapon the ords holders have, evaporates.
I'm pretty sure , by the way, that the ords holders dont get a vote on whether to convert, can purely be a board decision.
cheers