my bbi valuation / dbct sale flows, page-265

Melua,

If your view is that BBI will be within 1c of BEPPA in the near term, why are you holding BEPPA 10:1 to BBI.

All along this has been a risk / reward play for you, exiting half a million units out of BEPPA over a few days wouldn't be that difficult on a good run, and if you could buy into BBI at 4 cents dif then switch back withing 1 cents, you would have made a considerable paper gain.

For arguments sake.

Selling 500k at .12 then buying into bbi at .085

Then selling the BBI proceeds at .12 to buy beppa back at .13

leaves you with ~650k BEPPA - tax and brokerage. Tax should be negligible after a horror year and brokerage is also insignificant.

Thoughts?

I'd do that in a heartbeat if i beleived that BBI will get within a cent of BEPPA soon, but IMO, i see BEPPA holding a few cents lead all the way past 30 cents.