bye bye, page-20

I would like to add my thanks to all those who have contributed BBI/BEPPA commentary and analysis over the past couple of months. It is almost certainly the case that I have taken more out of the discussions that I put in, so collectively, I am in you debt.

What are the lessons from the BBI experience? I have two thoughts:
Be cautious of static leverage.
Never mistake subordinated debt for equity.

Thank you and best wishes to all.