PBG - On their 2Q they list ~$600MM in debentures on their balance sheet, but you are right, I now see that those belong to PBN. If creditors are unable to go after PBG in a PBN bankruptcy, the debentures will not be an issue.
At most, I think the play here is long PBG, short PBN. The price action in both names continues to be awful even today, and I'm not willing to believe that it's because "the market is stupid." Something is wrong with the story.
Either way, we'll see.
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