takeover value, page-7

I think you are all barking up wrong tree. BEPPA is a far better buy than BBI. Why? If BBI survives, BEPPA will have $1.08 value in July 2012 so will converge to that price at that time. So BEPPA will increase around 9 times. I don't think you will get this return with BBI. Additionally, BEPPA pays around 6 cents per annum interest coupon which is 50% per annum yield. Even if they continue to freeze distributions, BEPPA holders will get back deferred interest plus late interest penalties on this interest.

So whilst I think BEPPA is one of the best buys in the market right now, I would not touch BBI.