With respect Graham , what Mr Buffet invests in or how he...

With respect Graham , what Mr Buffet invests in or how he invests has nothing to do with PPX or its directors obligations to run and operate the business in the best interests of its shareholders and employees .

I suspect Mr Buffet would never invest in PXUPA at $10 knowing the terms and the interest was ceased like capital have , knowing full well the income could be withheld in to perpetuity and then demand $100 on the basis of the strike price many years prior .

Mr Buffet is an opportunist granted , but there are opportunists and opportunists , personally I am happier investing in IPB a stock on the ASX Mr Buffet is actually funding through Cal energy and was promoted on Hot Copper as an IPO at 50c

IPB are now 30c and plan commence to drill for oil and gas off the WA coast in the browse basin next month .

Do I expect my 20c loss back on the 50c I paid in the IPO because the strike price was 50c at IPO , of course not ...things change from the day we invest .

The Hybrid holders have had plenty of time to divest their holdings at prices far closer to the original strike price the original investors paid .

Looking at the top 20 in the Hybrids now Graham and at the IPO , they are not the same people in almost all cases .

The original holders have almost all sold out , and as you know the PIGS committee and the US fund that called for a ridiculous share swap did not pay an average of $100 , more like the current price , and 125 shares for 1 hybrid , so on that basis 250 for 1 is what I suspect Mr Buffet would say is more than fair .

As you know I hold both shares and hybrids after you explained the upside at $9 compared to 6c when we met was in the hybrids not the shares and you have been proven to be correct so far and I am happy to take profit on the 250 for 1 offer , sell the shares and buy more hybrids .