Also forgot to mention TPI have some top notch management now...

Also forgot to mention TPI have some top notch management now with Campbell & Cummins running the show. Cummins was a whistleblower at Multiplex concerning shonky accounting practices, so at least we know the accounts aren't being fudged as they were in the Peabody era.

I also like the look of their cost savings program going forward. It's important to remember that the TPAPA's sit higher in the capital structure than the common stock. If the board do decide to raise further equity, ie. a quick 10-15% placement to Warburg Pincus; this will further improve the outlook for TPAPAs. Compared to other hybrids like GNSPA which are issued by companies struggling to turn a positive cashflow, TPAPAs are actually backed by relatively consistent positive cashflows even after they're paid out.