nothing has changed people!, page-11

TwinTurbo, the issues you mention are just not big enough to justify the price surge today.

Regarding 1): Please, this management will convert EPS whenever it feels like converting them, however it feels like converting them. Melua is right that there is a back door in the EPS contract that lets them initiate some kind of redemption if they don't pay interest for a year, and we'll hit that deadline soon. They didn't need any change of control to create a potential redemption.

No one believes they will redeem EPS for BBI shares this year, even if they could. It's more likely they would propose some partial redemption scheme for EPS in order to clear the way for BBI to rise and do equity financings from that.

The point is the risk of any of this didn't get better or worse today. And the press releases didn't add clarity to the issue.

Regarding 2), no one would be looking for write downs right after they just announced major write downs. That would be truly absurd for them to so mismanage their own PR to allow major write downs into a year end result when they went out of their way to call them out separately.

I read today's rally as a classic short covering rally and momentum trading on the back of that. Going forward, though, I am wondering if a rally this strong won't start a sentiment change around the stock prior to any DBCT news.

All in all, I agree with others here who find today perplexing. The only important issues are asset sales and how to handle SPARCs and EPS redemptions, and none of these important issues were made more clear, let alone put into a more positive light.