I don't think the internalisation of the management rights will definitely trigger BEPPA conversion.
I did read an article the other day - not sure where. But it suggested that the responsible entity - BBIS, which technically manages BBI, may be able to be transferred to another company, so long as a couple of accounting tricks are performed which treats the BBIS as if it is still part of the Babcock & Brown Group.
This may involve selling naming rights to the party that wants to acquire BBI, or its management rights.
BBI Price at posting:
5.9¢ Sentiment: LT Buy Disclosure: Held