over 8% of pxupa now owned by a hedge fund., page-10

LECH, speculation on my part, but I would say that if PPX went into liquidation, there may well be insufficient funds - after payout to secured creditors, employee entitlements, payout of contractual commitments, etc - for PXUPA holders to get anything, let alone shareholders. Not all liabilities (in a liquidation) are recognised in the balance sheet and are part of a NTA calc. Therefore, pushing PPX down that path is not going to be a successful play.