shareholders must act

I believe that the shareholders must act and put the company into Voluntary Administration.

The same disease that infected Babcock & Brown directors and management has spread to BBI.

A period of voluntary administration of the non-operating half of the stapled security would have the following effect:

- concentrate the minds of the banks - do they really want the operating unit in liquidation?

- head off, at the pass, the death spiral. The prefs must not be allowed to convert and dilute ordinary holders.

There is some chance that a period of voluntary administration would see a reorganised BBI handed back to directors.

There is NO CHANCE that a reorganisation outside voluntary administration will result in a positive outcome for shareholders - if the EPS convert.

Shareholders have completely nothing to lose and everything to gain.

Special General Meeting - resolution to enter Voluntary Administration ... it is the only way to avoid the road to oblivion.