I like the complexity the hybrids add to the equation and how...

I like the complexity the hybrids add to the equation and how the hybrids have no power yet virtually control the short term prospects of PPX.

In the end a decent offer around $40 should be accepted. The hybrids are stuck in limbo. PPX control their fate.

Without PXU approval PPX only has two choices. Continue to trade and make a loss until the buffer is gone and the hybrids start losing money. Or convert at full face value. That would dilute the buggery out of the NPV/NTA per share. Shareprice would fall.

So in either case PXU get way less than face value.

So it comes down to:
1) Wait 2years until the buffer is gone and the company gets wound up. Maybe you get 50c in the dollar.
2) Convert now and get $100 worth of script which instantly falls to $50 worth of script.
3) Just accept a cash offer that is equivalent to the first two options but also retains some value for PPX

PXU holders have no voting power. They can only call PPX bluff as they know option 1 + 2 results in $0 for PPX holders.

But PPX really have no choice but to keep trading, keep losing and lowering PXU backing. Its a vicious cycle. In the end both need to give. Because PPX has no choice and PXU is damned if they do damned if they dont.

Similar to BBI/Beppa, you would only want to be holding PXU imo. PPX equity is worth nothing in administration, little under an offer and even less if diluted by PXU at face value.

Management only need to save the company and not the sp. I wouldnt be shocked to see a massive dilutionary conversion which would make the company a stronger position. Trash the sp. Consolidate and start again. Similar to PIH did.