One thing to remember is that hybrids are senior to ordinary...

One thing to remember is that hybrids are senior to ordinary holders. No dividend can be paid unless we get our distributions. We are patient and PIGS and Coastal own more than 25% so no oppressive deal can be made. In the meantine PPX and PXUPA are both stuck with any profits made or cash on hand improving hybrid equity. The last deal offering us 54% of the company was not successful. Do you think we will take less now that Europe is gone? The company may now be clear of the banks and pension fund trustees but they still owe us around 250m

PXUPA only. 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.