I have been a follower and investor of BBI (through BEPPA) for a long time, based upon of the detailed analysis that you provided.
However, since then, thing have happened.
As a result of the decision made by you (right or wrong) to dispose of your BEPPA position in the mid to low teens, you feel the need to warm (read: threaten) remaining BEPPA holders as to their rights, or lack thereof.
So I thought, finally, I would add to the debate.
1) BEPPA are owed $1 + interest. That is a fact. A liability of BBI EPS Ltd, and as a result of the guarantee, a liability of BBI.
2) The face value of that liability cannot be reduced by any fall in the value of assets. This 'impairment' that you refer to in BEPPA is silly. $1 is $1. BBI holders are equity. They take the first loss (and get the first profit - that is the beauty of equity). A reduction in assets of BBI EPS Ltd (or BBI Ltd) does not impact the RIGHTS of BEPPA. It may affect the VALUE, but certainly not the RIGHTS.
3) Theoretically speaking, while BBI ia worth anyting > $0.00, BEPPA is worth $1.00 + interest. Such is the nature of debt as opposed to equity.
4) Having said that, I think that the speakings of Turncoat (that BEPPA is worth $1.00), and Towie (BBI has value) are erroneous.
If BBI has any value, then BEPPA has significantly more.
I put this to you MELUA:
a) I believe that you have sold out of your BEPPA too cheaply. Having said that, you have your money off the table, whilst I do not.
b) You seem to be more negative on BBI (and BEPPA) since you took all your money off the table.... I put that down to human nature... you dont want to see BBI/BEPPPA make money now, as it will make you look silly.
c)... ah shit. have just seen announcement out
BBI Price at posting:
5.3¢ Sentiment: Hold Disclosure: Held
