proposal, page-39

Hi aussted,
Until Graham admits ,because I'm sure he understands, the difference between debt,hybrids and equity,this argument will remain sterile.
When you buy a hybrid,you are accepting that you are hostage (just less so) to the company' performance.
Ppx didn't have to issue pxu's,sure. Just as people were not forced to buy pxu.
Trying to make this some sort of moral issue out of all this is either foolish,or self serving.
You sign a contract, dont whine if you misprice the benefits you get from it.
Might add,as a pxu holder, I am perfectly happy to get as much as I can for them,and really dont care much what ppx holders get.
Just finding the 'sux' campaign a bit nauseating.