I own PXUPA from much higher levels - probably $50++I have read...

I own PXUPA from much higher levels - probably $50++

I have read this thread but that is all I have read so excuse this dumb question or just please let me know if somewhere in the many posts that have been before this one I can find the explanation.

If indeed PXUPA holders can block capital raising and company is desperate to raise capital, then the answer seems simple: PXUPA holders get $100 worth of shares in PPX and the PPX holders take the "haircut". Unlike GNS/GNSPA, there is no maximum ratio so why should Management introduce one?

The reason people invested in PXUPA rather than PPX was to have the priority (of quasi debt) over equity.

I am obviously missing something.