looks reasonable, esp if hedged w a short PPX position (as I...

looks reasonable, esp if hedged w a short PPX position (as I have done). cum a $5 div, so getting in at $23 at current levels.

if they are in technical default on their debt then hybrid distributions will be missed IMO, I don't see banks cutting them any slack, unless they can cure the default quickly. In these circumstances PXUPA could fall tp <$20. But the ordinary equity will get smashed a lot harder...