announcement, page-15

I wasn't pleased to see that they have banned the BEPPA Divs until the full SPARCS repayment - although it still leaves the door open for a buy-back of BEPPAs

If SPARCS are paying divs and higher interest than BEPPA, they are going to trade at a higher price. If we are so lucky that BBI sells enough assets and has excess cash, but is blocked from paying BEPPA divs, then a buyback of BEPPA's would be a lot cheaper than a buy back of SPARCS - and would do wonders for the BEPPA price, and the BBI price.

If only we are to be so fortunate.