proposal, page-33

austted

Until you and many other folk here understand (or accept) ALL the differences between debt & equity, up to the end game, and stop relying solely on PPX's right to stop distributions then I understand your views.

No one forced PPX to borrow via PXUPA and PPX's problems are of its own making and long standing.

The idea of debt is to increase returns on equity for profitable businesses. It does the opposite for unprofitable businesses. In fact PXUPA has to date "saved" PPX and if you doubt this then read

http://www.paperlinx-sux.com/2011/12/how-pxupa-saved-ppx.html

and explain with facts why this view is incorrect.

The priorities are:

#1 Banks
#2 Hybrids
#3 Equity

If the hybrid equity was absent, I expect the banks would have pulled the pin in 2009/10 - please read all the ASX Releases before disputing this.

PPX is on its death bed and there is only one beneficiary of its estate. Please don't argue the case for a European turnaround as this is not going to happen fast enough for PPX. Be realistic.

The best thing for PPX holders is for PPX to start selling individual assets to willing buyers and distribute the proceeds.

A "job lot" sale of PaperlinX as a whole will leave PPX holders with zilch.