is this a big joke?, page-27

>I think the Beppa holders may consider a wind up as a better alternative rather than take a deep dilution where the management will need to argue that wiping out $2.5bn of value was the best outcome by introducing the CI

The trick for BEPPA holders is NOT to share the same fate as the stapled holder.

Voluntary Administration would do this quite nicely ... the BEPPA would be unsecured, subordinated creditors - the prospect of massive dilution would be forestalled. Surprisingly, this might actually good news for the stapled holders ... the death spiral is no more and cannot be used as a lever for forcing an unfair proposal from the CI.

It is a possibility, in a Voluntary Administration, that the company can be returned to directors. I would have thought that the prospect of liquidation would be feared by the banks ... that VA would give the right incentive to restructure in the best interests of all stakeholders.