is pxupa a buy?, page-103

This from termdeposit (FIIG) on April 1:

http://www.fiig.com.au/content/media/2011/110331%20Eureka%20Report.pdf

"Conversely, the PaperlinX hybrid (PXUPA) is unlikely to be redeemed and instead stepped-up after its first call date of June 30, 2012.

The company has been struggling operationally for some time and although it has relatively low debt levels, it would likely struggle to redeem the full $285 million of hybrids securities on issue. The company has, however, flagged that it is reviewing its options for the hybrid so a partial buy-back of the securities (likely at a discount to the $100 face value) remains a possibility."

I don't know what a partial buy-back would look like, but I guess if they offered $100 for a % of those held, then it could average out.

By the way, we have our own code for the PXUPA's: PXU.

Maybe this whole internal reorganisation is because the large shareholders didn't want the share price to fall to zero cents. The ASX forced COF to respond to their lowering share price, and COF did so,and their share price shot the moon (at least for a day or two). I don't hold COF but I watched that one fall to scarey levels. PPX got punished by a downgrade, but the falls kept continuing, ehich shouldn't be normal.

Is anyone good at maths and could do a modelling on what a partial buyback would mean for PXUPA, and let's assume in the model, that they'll buy back some of the hybrids for $100. That would be super.