I agree, BEPPA holders have little in the way of rights and are...

I agree, BEPPA holders have little in the way of rights and are way down the queue in terms of priority. Company can simply ignore them and turn them into shares on maturity. However, that would be a terrible result for the ords holders and if the Board of BBI is worth their salt, they will do their utmost to try and avoid this.

I am sure there is some middle ground between the ords and the BEPPA holders to sit around the table and make some sort of deal that gives the BEPPA some of their money back and stops the BBI holders being diluted into oblivion.