RE:RE:Just a minute , Hasnt the deal been agreed uponTurr. I agree that a "sensible board" and the jettisoning of Sheldon could create value in PNP above current pricing. They may even get lucky and have one or more of the holdings spike or outperform.
To state that it wasn't bad deals but rather bad timing is far too generous to Sheldon. Bad timing is one aspect of bad dealmaking. He lost over a half billion dollars in a handful of years and paid himself $100M to do so.
If you're buying PNP because it is a coiled spring just waiting to explode, you haven't learned much from this experience. Many of the assets (level 2 and 3) are probably worth almost nothing and will be written off soon.
IMO, PNP has maybe a 2-3X from 6.5c, all depending on the execution in unwinding this mess. If they are impatient, find too many skeletons in the closet, or execute badly (all of which are possible) 6.5c is probably about right.
The debentures have been (and still are) the best way to make money here for a long time.