beppa running riot, page-3

BEPPA 40/50c would be about right once most of corporate debt is gone.
A re-structure will not only help BEPPA holders but also BBI holders. It will be a win win. With the majority of corporate debt gone and BEPPA out of the road means BBI can actually start distributions again. This will have an enormous effect on the BBI security price.
No more dilution, corporate debt minimal, no bank sweep in place, better interest rate terms on asset debt, higher credit rating, distributions to recommence all points to a significantly narrowing gap between NAV and the actual BBI market price.
To achieve this we must sell DBCT for circa $2.7/$2.8Bn and then do a restructure. A restructure could be possible by 2009 calendar year end in my opinion. I'd imagine the Board have been doing the sums/scenarios since before the Fin Review article appeared.