objective rebuttal of hope for ppx , page-7

Hi Graham,
Have to disagree with parts of what you have said.
PPX have no obligation, moral or otherwise, to pay the distributions on the hybrids.
The only obligation is to follow the terms of the agreement which covers them.
So the pxupa's are irrelevant as far as insolvency is concerned, just not a debt.
The obligation could be extingished by simply converting them to ords for instance[not that that is likely].

That is not to say that PPX isn't at significant risk of becoming insolvent[my personal opinion is they have < 50% chance of long term survival], but that is different from being insolvent.
It is within its banking covenants, its underlying profit[ex abnormals and the hybrid payments] is pretty much break even.

cheers
disc pxupa