my bbi valuation / dbct sale flows, page-161

I'm confused.... because I want to profit maximise my BEPPA investment, I'm greedy?

Having said that, I genuinly expect that it is most likely that BEPPA won't be an issue for BBI in 2012.

I base this on a belief that BBI share price will be high enough (I would be *SURPRISED* if it didn't hit 30c before the end of the current year... so be higher than that in 2012.)

I continue to base this on the fact that I would expect BBI's credit rating to improve dramatically by 2012, and in fact, be able to borrow $400M from the bank quite easily.

I continue to base this on HCs willingness to accept a roll-over for BEPPA.

And, finally, the fact that a combination of the above would be enough.

Really, $300M Bank Loan (if BBI can pay down all necessary corporate debt in 2009, I'm confident by 2012 it can borrow $300M when it has assets of around $13,000M)

$300M to convert to BBI (at 75c, thats dilution of only 480M.... or about 15%.... To me, 75c is completly reasonable. With net assets per share of currently of around $1 (using realistic assumptions)... I think asset growth after the global financial crisis will be nice. Then, people won't be valuing NGPL at 10X, for example.

$300M to rollover... hoping that a third of investors roll-over BEPPA to accept 10% interest seems reasonable...

You can laugh at all the assumptions you want ^^ It's just a VERY basic analysis. I understand that. I also understand I seem to be one of the only ones tipping an acceptable share price in 2012...

If the current share price is 8c, and will improve when DBCT sells... 30c is reasonable then....SURELY it will be above 30c, when we are *out* of the GFC?