Interesting that the market took the positive side of the news...

Interesting that the market took the positive side of the news of the tenative offer and rose rather than projected first half 2012 European loss

I suspect the offer might be raised a bit especially if the due diligence does not turn up some unexpected nasties. The projected first half loss could not have been unexpected given the current euro turmoil. The fact that they announced it gives the hint the Board will capitulate to a half reasonable offer.

Has anyone any idea how many more such losses PPX can bear before the Banks pull the rug?