babcock & brown infrastructure's (bbi) dalrymp, page-96

So its not a classic death spiral.
It is just a comment,'death spiral'

The price is 7c because they are assuming the 2012 conversion actually takes place and they are assuming it now?

As i said earlier,you could well be right.
I do think there are more assumptions involved in the current sp then just the above,taken in isolation.

How much did i lose?

Nothing yet,but i have picked up a very large number (for me) at around 3 cents,consequently my average sp is low.

BTW ,as an aside,I have nothing against holding of Beppas and bonds and can see merit in what you are saying about buying them.

Have a safe and Happy Christmas,Dargie,and i think we will have another interesting year in 2009.