announcement, page-27

Guys ,
At the moment it is really really simple options theory. Because the market and the banks think that BBI is close to insolvency, the sub debt (BEPPA) and the equity trade close to each other, because vol is the only driver of the valuation. If BBI sells enough and it becomes not a survival trade, the BEPPA will appreciate more than the BBI (vol of equity falls) and if the world reverts to 2006 (the underlying becomes more important than vol), BBI will outperform