my bbi valuation / dbct sale flows, page-30

b00f, if a 20% interest rate was a feasible outcome, surely a bank would replace that debt at that rate and BEPPA would be redeemed.

There is a fine line between the price a bank would accept and what BEPPA holders would have to not opt for conversion. Right now, that price does not exist, which is why SPARCS holders converted.

By the way, 15c a share is more than the current free cash flow to equity. Given the inability for BBI to gear up expansion capex, i estimate distributable cash flow to equity at 5c per share, a massive shortfall!!!