price slide, page-121

I think Natahanblack has seen a few of these situations so his ingights IMHO represent valuable experience.

When companies are distressed they are typically not able to realise the full potential value of their assets and holders suffer as a result.

If the PXU trust company values at $34 / PXU then PXU holders need to potentially consider any future proposals on this basis.

PXU holders however need to consider how the trust arrived at $34 and then make their own assessment eg is the trust's view realistic?

Currently the only info we have on the $34 is note 11 in the Trust's July 2011 report which unfortunately IMO is lacking any reasons supporting the trusts assumptions other than they no longer believe PXU's will be redeemed for cash at the July 2012 remarket date.

All other pointers from note 11 appear positive eg increased disributions in 2011, increased yield etc

Would have therefore expected significantly more from the trust supporting its $34 assessment.

The $34 is therefore appropriately under scrutiny from PXU holders and I hope the trust comes up with some insights so we can make our judgement on their $34 assessment.