Here's some more info for you guys:
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 with 960 btc tied in insurance money (tied up earning 0 interest)
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.