(i) Hard to justify the claim that the hybrid holders are...

(i) Hard to justify the claim that the hybrid holders are "greedy". They don't vote, so they cannot be held responsible for having voted-in the previous board members. That is the collective fault of the Ordinary shareholders.

(ii) PaperlinX right now is in the best position to "do deals" with every counterparty to every contract and agreement in which they are involved, at both the operational and financing level. A very shrewd Board, whose primary role is to maximise intrinsic value per Ordinary share, will understand this, and should be able to obtain excellent concessions - IF they act quickly. This is because I believe we are approaching the point of maximum uncertainty.

(iii) My group has been buying PXUPA. The sound of violins playing as the SS PaperlinX encounters rocks has been the siren call to hop on-board. Survival is in no way guaranteed, but the managerial charade has allowed a pricing of PXUPA which does not appear to reflect the weighted possible outcomes going forward.

We're prepared to lose the lot, so please do your own homework.