is this a big joke?, page-51

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.

But don't the BEPPA holders walk away with possibly face value in cash? They have sold BBI short leading up the VWAP period and they then replace the borrowed shares with those acquired from the conversion.

The difficult issue would be working out how many BBIs to short. The big risk being an unexpected appreciation of the BBI price while short.