bnb administrators report - a must read, page-10

"but at least they can never be forced to take worthless stock (BBI stapled) as payment"

No matter the degree of "worthlessness", they must still be paid $1 plus accrued dividends worth, in fact the lower the BBI share price goes, the closer BEPPA holders are to controlling a company with over $2 billion of net assets through only $700 million worth of preference shares.

Of course it depends on the state of BBI and it's liquidity by the time 2010 comes around, but to the best of my knowledge, they are unable to refuse to pay at least $1 worth of value per BEPPA, whether it be in the form of cash or shares.