"Do you seriously believe that anyone other than the senior debt holders controls this company?"
At the moment, no, of course not, but come reset date if this "death spiral" eventuates, BEPPA holders will own close enough to all of BBI.
"but this scenario would likely end as a disaster for any and all remaining equity holders"
Why is that?
In that situation, the only difference would be $700 million wiped off the liabilities, with the ownership changing hands from BBI holders to BEPPA holders, it actually makes the company stronger.
Disaster for existing equity holders, yes, but for those converting from BEPPA, can't see how that works?
"A series of exceptional asset sales would be a good start."
Agreed, the whole conversion/restructuring/whatever can be avoided through a few asset sales, DBCT of course is the main catalyst for this.
Picked up plenty more BBI at $0.065 this morning in anticipation of such.
BBI Price at posting:
6.5¢ Sentiment: LT Buy Disclosure: Held
