Financials wise, TIM's tangible assets can fall ~37.5% before it...

Financials wise, TIM's tangible assets can fall ~37.5% before it starts hitting the hybrid holders. That's just a back of envelope calculation, actual cushion is likely to be less because now TIM incurs all sorts of additional costs.

Market wise, TIMPB was being priced as having no intrisnc value. If the market assesement is correct, you will get nothing or very little back.