yet another try to calculate beppa value, page-5

The existing debt is 9.1B. So it is 9.1B - 903M - 771M = $7.426B.

You end up with 7B - $7.426B + 560M = 134M

Sarcophagus, you have really missed important parts of the deal. First, the conversion formula simply states how many shares of BBI you get for each BEPPA. It doesn't guarantee that the market cap of the company will be high enough to pay you $1 after conversion! Think about it. How do you milk $771M of BEPPA face value out of a <$200M market cap!!

Even then, whatever worth your BEPPA have after they convert...they immediately will lose when the new investor comes right in behind you and dilutes you further.

Assume a 20-to-1 conversion of BEPPA to BBI. Currently there are 2.592B BBI shares. After conversion of BEPPA and SPARCs there are 18.01B shares. Now the new investor comes in and invests $1.2B, which to get him 90% requires 161.3B new shares to be issued! So much for your BEPPA value.