This is probably one of the best learning processes anyone could...

This is probably one of the best learning processes anyone could ever have in how to deal with the various different situations BBI found itself in in 2009/10.

I had a very similar situation with Resolute in 2001 when they had a similar set of death spiral convertibles that played total havoc with the ords and convertible prices. The knowledge I learned from that situation was second to none when trying to analyse and strategise on the BBI/BEPPA/SPARCS bonds/BBI Networks bonds and applying that knowledge to this situation has turned out to be extremely profitable. I tried hard to impart that knowledge into the mix on this site and hopefully some other posters made some good gains along the way.

One thing that was very clear in both situations was that the analyst community in Aust/NZ had absolutely no idea how to play the situation at all (and in my case I saw/heard several cases of extremely poor analysis/opinion from several firms/analysts who made total fools of themselves and even bigger fools of their clients). You cannot rely on the analyst community in complex cases like this.

Furthermore, as we all noticed, most of the gossip and so called expert comment in the newspapers were gleaned directly off HC and other sites and reported in the papers as latest news. So do not rely on what you read in the press either. In fact if we believed in what was reported in the press in recent weeks, the BEPPA deal was to be voted down, when in fact it got 97% support.

Finally (and there will be no disagreement here on this I would think) BBI mgmt (and others as well during the GFC crisis) were at best very economical with the truth during the whole situation. There were a lot of vague announcments, many of which were interpreted incorrectly (esp here on HC), and I must say I found financial authorities to be extremely weak in dealing with the situation. I think smaller investors were (again) let down very badly by the regulatory process surrounding some of these announcements.

It does feel great to have finally made it through to the other side. 2009 has been a very long and trying year.