Kiril,Can't recall the exact wording but I understand PPX can...

Kiril,

Can't recall the exact wording but I understand PPX can simply decide not to pay. Only impact this has is that PPX holders cannot be paid any dividend until 2 consecutive payments made to PXU's.

CmonCDR and Mpravda,

Thanks for your comments as it provides good insight to your views.

I agree PPX does not have to do anything. Problem for PPX holders is unless PPX (which according to the press is "much unloved" by the market)turns the ship around then eventually PPX holders will end up with nothing as they rank behind PXU's in distribution of assets.

As I see it, this is the real issue facing PPX holders.

In the meantime PXU's may have not been paid any distributions, but neither will PPX.

At the end of the day however PXU holders will receive everything that remains in PPX (albeit at less than $100/PPX).

So the ultimate risk as I see it lies with PPX's.

I only hold PXU.