PPX could do that (and I guess wouldn't matter if they were paying the interest or not) ... but then anyone could make an offer for all the prefs if they really wanted to.
In theory the company could just decide to not pay interest, but the flip side to that is that if the company actually had the ability to make the payments and decided they couldn't be bothered for whatever reason, director / board credibility would be shot. I'd hope that most people would value their reputation more than that. Regardless, when the market decides the company has at least a medium term future the prefs have 50% short term upside and 100% medium term from current levels.
It is, however, mildly surprising - or interesting at least - that they have paid the last couple of interest payments. They clearly thought a turnaround would take place faster than it has.
SRS Price at posting:
7.6¢ Sentiment: None Disclosure: Not Held
