mutiple bidders for pd ports, page-40

I view BBI and BEPPA as both being equity, so I see them similarly in terms of downside risk (as neither will see any money at all in an administration), however if BBI is to survive as a company then it is inevitable (in my mind) that the BEPPA's are restructured and the dilutionary death spiral is reversed.

If BEPPA was restructured, both BBI and BEPPA would of course go up, but personally I think that BEPPA has a lot more upside than BBI if this was to be the case.