Totally agree with you, GrahamCC, although a 'cash plus PPX...

Totally agree with you, GrahamCC, although a 'cash plus PPX shares' deal at 'a price' (albeit much higher than the current PXUPA market price) may be acceptable to many of the PXUPA holders depending on the outlook of PPX shares at the time of the deal.

Firsova & kpool, you need to change the brand of wine you have been drinking! Many of the PXUPA holders, including me, had bought some of their holdings at the initial issue @$100/unit, and although we have been averaging our holdings down in price over the years, our average buy price is still much higher than the current market price.

I would personally like to see the company liquidated and take my chances in the seniority queue for proceeds of asset sales than get severely short-changed in favour of PPX holders in the terms being talked about in some of the posts.

For the record I hold both PPX & PXUPA, but I know what's fair is fair! Currently the PXUPA price in the market is way under-valued relative to PPX market price. You just have to compare this situation with that of ELDPA (which is selling at $37+) compared to ELD (at 0.135) to see how the market is being irrational! To talk of a deal based on conversion of PXUPA into PPX at the current market prices, with total disregard of for the inherent value of PXUPA units and the higher relative seniority of PXUPA over PPX in the event of liquidation, is ambitious to say the least.