Great post BRRSometimes it takes an outsider (non-holder) to...

Great post BRR

Sometimes it takes an outsider (non-holder) to articulate the position so clearly!

Purchase price of PXUPAs is just not relevant. Neither for that matter is the trading price of PXUPA over the last 12/18/24 months or whatever.

As a PXUPA holder, I have $100 of priority for each unit.

If PPX want to buy that priority, it has a sale price, but let me tell you, it ain't anywhere near $14 [maybe] of PPX shares.

If PPX wants to protect against the dilution that would flow from a decent offer, it is open to PPX to run a rights issue to allow PPX holders to stump up some cash and protect themselves against dilution.