trying to find something positive, page-15

Actually looked up fiduciary duty. It seems to state that the fiduciary duty is to the company and by implication that serves the needs of all stakeholders. Directors are appointed by the the common stock but the directors cannot just allow the business to fail because the common stock will be disadvantaged its their duty to do what is best for the company. In reality that must mean conversion of both Beppa and Sparcs. That is the only way any new entrant can value a convertible instrument or a direct equity take -up.

So if I was a director and I didn't want to P anyone off especially the banks and institutions who have the money to make the administrator pursue me I would take a very cautious route:

1. I would talk down and tell the common stock that it virtually over unless we get recapitalized. - Done.
2. I would caution everyone about trading and that the valuation of everything is totally uncertain.
3. I would then get the best deal I could to get the companies financially sound.
4. That will IMO only be achieved if I can sell common stock. I can only do that if the Sparcs and Beppa are converted so there is no further dilution risk.

Unfortunately for all the common stockholders that means Persistentone has got it right. Even then after recap I dont think that Beppa are going to make much either. In addition you can always sell BBI for creating a tax loss and its less than 1005 or you can follow your rights if the new company structure looks good. The only thing you get as a BBI holder is an opportunity if you dont take it and sit at the table you cannot blame directors and want them to trash the company.

Only hold Beppa but dont think that there is any money to be made in them just holding so I can get to see if there is money to be made in taking up some rights.