I expect (hope) the real value of PXU will be determined between...

I expect (hope) the real value of PXU will be determined between now and June 2012.

My view is best case is still worth $100 as someone (hopefully) has to pay this on a takeover of PPX.

Alternatively, if PPX are treating their debt seriously (ie making distributions) then it would make sense for them to buy back at< $100 (hopefully north of $65) - simply a good financial decision.

Don't believe conversion will occur in 2012 as would wipe out normal holders.

AGM on 21 October may give some pointers but a bigger indication will be the Dec distribution - anounced early Dec if I recall correctly?

Fingers crossed the distributions keep coming.