pxupa very attractive, page-23

2ic

Yes, all of those things. But this is of course quite bad, since the bankers are in control. Would not want the underlying business to deteriorate while the co is in work-out mode.

Personally I would avoid - if they do default, it will go to $10-20 at a guess, so you can pick up cheaper (risk aversion, instos selling since some not allowed to hold fallen angels, retail selling since no div). The pool of willing capital to buy seems v. limited at the moment ...

There could be an argument for a long PXUPA / short PPX trade at current prices to exploit the disconnect you mention.