IMO, reference to current market prices to establish relative...

IMO, reference to current market prices to establish relative values of PaperlinX shares and its higher ranking hybrids is an erroneous approach as both classes of shares are trading at levels and volumes indicative of market's lack of confidence in company surviving as a going concern.

PPX 'shares' are trading at prices resembling more as a punt (or a long-duration call option) on the company's survival and well-being than any conviction in the company's longevity. And hybrids' prices reflect an expectation that only a low residual value will be left for them after the all the higher ranking debts have been paid off, and lawyers and accountants have sucked the company almost dry, if the company does go into liquidation. By that stage, of course, the value for PPX (shares) would have already gone to zero!

But if the company does survive, and its profit begins to grow, the market would up-rate hybrids faster than the shares ...purely because of greater security of capital return and income that the hybrids offer compared to the shares... until a point when the hybrids start to get closer to the their face value. (It was the same in reverse when the hybrids were first issued ....the company was doing well, and the share price would then move up and down faster than the hybrids' price, and if any one had tried to link the hybrids value to relativity with the company's share price, he/she would have been ignored or even laughed at as being financially naïve!)

And I think this is the point that is being continuously missed every time the value of hybrids is currently linked to the relative market prices of shares vs hybrids, rather than their relative position with respect to the company's balance sheet and seniority in capital return and income in the event of liquidation.

In my view the analysis and options presented by the PIGS steering committee is excellent work. In the end, I believe that the majority of hybrids holders, as I, will only accept an offer that presents to them a value significantly higher than the current hybrids' market price, whether it comes in the form of one option and a combination of two or more options presented in PIGS committee's paper.

For the record, I have considerable but equal $$ investment in both PPX and PXUPA, although my average prices in both are much higher than that of Firsova.