is this a big joke?, page-49

bellenuit,
There's nothing to stop BEPPA holders from doing that but it's pointless. BEPPA/SPARCS will dilute BBI but then the cornerstone investor will come over the top and dilute everyone remaining. The price for BBI/BEPPA is irrelevat to the CI. He'll just say, "I want all hybrids converted first". Then he'll work out the new diluted NAV and then tip in his cash at a huge discount to the NAV. That effectively wipes out all the BBI holders' equity.