For me the trade is to accumulate the TPAPAs at ~$90 or better =...

For me the trade is to accumulate the TPAPAs at ~$90 or better = ff distribution yield of 10%. Good volume going through between $90 - $90.50. Given they didn't miss a payment on these pref through the GFC, when balance sheet was significantly more levered, unlikely to cease distributions in the current slowing environment. And against this, I agree continuing to hold a short in the ord shares would be appropriate. FY14 earnings forecast at the upcoming FY13 result release will likely be subdued and payment of an ord div probably still 3 years away. Risk to holding the short at these levels is TPI may finally succeed in disposing of the commercial vehicles business. But unlike our resident soothsayer, Fat Gloater, don't need to rub further salt into wounds re short action.