I would just like to address the point as to whether BEPPA...

I would just like to address the point as to whether BEPPA holders should be comfortable about the conversion to BBI stapled "because they get their money worth".

Imagine the following situation:

1) You have a large lump of gold (the BBI assets), however;

2) You can only convert the large lump of gold to Zimbabwean dollars (rapidly depreciating BBI stapled).

If you could sell this lump of gold on the open market - clearly no one would pay you the current gold price. This is because the condition of conversion to Zimbabwean dollars means that the only knowledge of future value for the converted lump of gold is going to be significantly less than it is currently. (We are currently seeing this "effect" - $1 worth of debt is trading for 15cents).

Does this "effect" go away when the BEPPAs convert? No, I do not believe it doesn't. Once you get your "Zimbabwean dollars" - they will do what "Zimbabwean dollars" do best ... they will decline in value.

The best way to protect yourself is to "short" a dollar amount of BBI equal to the face value of your BEPPA holding. The idea is you will have enough shares to cover your "short" on the issues of BBI stapled for covering the interest payment and then the repayment of the capital amount.

Clearly, this strategy is not without risk. I would suggest betting on BBI stapled going down is safer than holding naked BEPPA.

I stress again ... I am not advising anyone to do this ... the risks are significant. My only point is that holding BEPPA is also significantly risky.