http://www.smh.com.au/business/a-stunning-jewel-in-babcocks-portf...

http://www.smh.com.au/business/a-stunning-jewel-in-babcocks-portfolio-20091012-gu0c.html

My take on this:

1) BAM's control can leave BBI in a position where it cant buy out BAM's share of DBCT

2) BAM can get DBCT for a derisory amount

3) Even if BBI do buy DBCT, BAM will increase its share holding massivley. Return of the death spiral?


Add that to:
a) PD ports bought for a nominal amount
b) options to buy other assets for a nominal amount - presumably to be stripped when valuations rise


Where is the upside for any new investors? And BEPPA holders who convert to PIGs may be left squealing about the mud on their faces.

BAM id the new 'Brown?

My opinion only. DYOR