Unfortunately, there's too much wishful thinking by the holders...

Unfortunately, there's too much wishful thinking by the holders of both PPX and PXUPA.

Amazing though it looks in hindsight, there is probably no value in the PPX equity, though that doesn't mean a token bid isn't possible. My guess would be 5c.

For PXUPA, although I hear the arguments of how they have been propping up the company, one could say "tough luck". There is also a very big argument that the company should never have paid the last two distributions that it did to the hybrid holders. Still, IMO, it's the more attractive instrument of the two, and a $25 take out is not impossible.

Whether the company can realise even those kinds of values without a takeover, I don't know.