##The share price of PPX will never materially improve with the...

##The share price of PPX will never materially improve with the hybrids in place##

That's true. And as you point out the first portion of any sustained 'return to profit' will go to PXUPA holders as reinstated distributions .

The question for PXUPA holders is how long before any return will be received, what risks in the mean time, and on balance is a better 'present value' achieved by achieving an outcome now. Arguably, there is also limited short term upside for PXUPA without an outcome with PPX.

PXUPA will almost inevitably need to realise they didn't buy a risk free investment, and take some form of haircut despite their higher ranking. History is littered with this.

I have no interest in either.

MJS