abn amro analyst view, page-10

BBI's problem is that they are effectively under bank administration, they don't have room to move of their own accord do they? good on one hand because they can't wander off into any hare-brained schemes, bad on the other because they have lost flexibility because of the cash sweep.... the only way to get the banks off their back is pay off their debt by selling pretty well all their assets - leaving what exactly?..... BBI is really on life support. I'm 50/50 BBI/BEPPA just breaking even and wondering whether to sell off BBI and get into BEPPA, but not convinced I shouldn't get on a different pony altogether...