We discuss the interplay of particle-particle and particle-hole spin-triple
t channels in high-T-c superconductors using a quasiparticle dispersion mot
ivated by angle-resolved photoemission. Within a generalized random-phase a
pproximation, we find a well-defined antibound state of two holes, the pi r
esonance of Demler and Zhang, as well as a bound state of a particle and a
hole, the spin exciton. We show that the energy of the pi resonance always
exceeds 2 Delta, twice the maximum d-wave gap, therefore the neutron resona
nce observed in the cuprates around energy Delta is most likely a spin exci
ton. At the same time, we speculate that the pi particle can exist at highe
r energies and might be observed in neutron scattering around 100 meV.