If you read the November '12 N.R. from PPI, paying attention to the last sentence, of the first parargaph, You will see the line, "The foregoing is subject to regulatory approval". If they approve the offering, the deal must be legit.
Conversely, PPI knowing that any deal of this type would be subject to regulatory review, would not want to try to slip something by, that was less than legit. That is a tail that you would not want to pull. A reasonable conclusion would be, the deal is legit.
Thats how I see it