I just put these numbers in the spread sheet and saw that, you made 3113.95 from your sale.
The average price is 3113.95 / 3000 = 1.038
At that price, you are losing money for this round of PPT.A.
Case 1 - Sell 3000 shares of PPT.A at 1.038
no default: PPT makes 113.95
default: PPT loses 960
Case 2 - Put 960 btc with pirate
no default: PPT makes 960 * .28 = 268.8
default: PPT loses 960
Difference is 268.8 - 113.95 = 154.85
So you are effectively losing 155 bitcoins for this round. Your loss for if pirate defaults is the same.
Like I said, you may need to rethink the lowest price that you will sell bonds at.
Perhaps I am missing something, but nowhere can I find the statement that they must actually hold .32 BTC per bond in a wallet instead of in investments or in Pirate himself. All that is stated is that they will pay 0.32 BTC per bond if Pirate defaults.
They don't need to, but it doesn't affect the numbers, because they have to pay it out if pirate defaults. You can strike out the line (which I did in the quote above) and just compare the 2 cases. Instead of selling 3000 shares at 1.038, they should instead invest 960 btc with pirate because the profit would be greater with the same loss if pirate defaults.
If what you are saying is that they should do case 1 AND case 2 at the same time, then that means if pirate defaults they will lose 1920 bitcoins. Then in that case, why not just put 1920 btc with pirate instead?