bnb administrators report - a must read, page-12

> the lower the BBI share price goes, the closer BEPPA holders are to controlling a company with over $2 billion of net assets through only $700 million worth of preference shares.

Do you seriously believe that anyone other than the senior debt holders controls this company?

The prefs could "burn off" the existing equity holders ... but this scenario would likely end as a disaster for any and all remaining equity holders.

The only positive outcome is a restructure with new equity to shore up the balance sheet.

A series of exceptional asset sales would be a good start.

This merely sets the stage for the restructuring to come. A series of good sales gives the equity holders (which, lets face it, BEPPA holders should be counted as - except they have fewer rights because they can't vote at meetings) some power to navigate the process with their interests represented "at the table".

The situation remains a tightrope walk ... asset sale delays and impairments are causing the tightrope to fray.