Kareful said: "I stick to my opinion that PIGS is more...

Kareful said: "I stick to my opinion that PIGS is more interested in taking down the company than rebuilding it."

The major problem I have with PPX holders is that the hybrids are a plaything to be considered as "debt" when it suits them, and "equity" when it suits them.

And now we are expected to go along with the pronouncements of a Board which has expressly stated it holds NO fiduciary duty to hybrid holders.

So we can't vote them in or out; we no longer get paid for missing out on this privilege; we no longer get paid for providing what now amounts to rescue capital; we have a non- hybrid unitholder elected Responsible Entity whom I believe is irresponsible in choosing precisely wrong "Mr. Market" valuations instead of approximately right NPVs...

...and now somebody truly speaking up for the rights of this group of stakeholders is accused of trying to bring the company down. How? Graham and Co. understand clearly the situation of our mutual prisoners' dilemma - but the deal has to be done at a price where there is no material transfer of value either way.

The company is not on its knees, so why not talk the same way to that next rank of creditors - the banks - and see what they say to a debt:equity swap at 14 cents in the dollar? Convince THEM of the enormous upside.