Thanks for your reply Blues234.Sadly for PXU holders it would...

Thanks for your reply Blues234.

Sadly for PXU holders it would seem they are stuck in no mans land, and might be there for eternity.

Dividends to PPX is not an option IMO, hence that being the only trigger for PXU to receive distributions leaves bond holders dead.

What good is owning an IOU when the IOU issuer can afford to pay you back but has no incentive nor any repercussions to pay you any income, or repay your capital.

It is infact a free loan....I would happily issue $250m of these myself.

Just goes to show you what absolute rubbish investment bankers were able to dream up and flog prior to the GFC. These terms today would never have gotten off the ground.

I think that if this PE deal does not happen, and in the absence of Graham Hart or similar wanting to take over the entire show, the PXU holders will realise their paper is not worth much, and the continued exodus might see the paper trading much lower, making todays price look attractive.

I think todays reality has not yet caught up with a number of bond holders IMO.

Kiril.