bbi security hoders should get 8c/share, page-5

There is a very interesting article today in The Age:

http://www.theage.com.au/business/hybrid-holders-win-the-argument-and-the-risk-20091022-hbdk.html

Apparently lawyers representing BEPPA instos have got the confirmation that EPS ranks above corporate debt suggesting that if they take the risk of sending BBI to receivership they could get up to 70c instead of 43c. That definitively adds risk to resolution on AGM given that BAM might need to add some sweetener to BEPPA holders to get the deal done. This information is definitively in detriment of BBI holders waiting for a better deal on BBI shares. at this stage I wouldn't believe BBI will get more than 4c since the capital will need to flow to BEPPA holders to make the deal more attractive.

What would really be a concern for me if I was a holder is that sending lawyers to agree how the debt is going to rank is a sign of either two things: BEPPA instos want to negotiate or BEPPA instos want BBI in VA. neither of those signs is positive for BBI. My interpretation!