2. NA, but.... the 4.35c interest in arrears DOES NOT need to be paid out in cash. any cornerstone investor will quite possibly demand BEPPA to be part of the re-cap.... HOWEVER, THIS IS NOT A GIVEN.
EG: If cornerstone REALLY believes BBI will be $1 in 2012, no need for BEPPA to be part of the conversion.
Having said that, $780M * 1.2 of debt for, say, $300M would be a nice return on investment for anyone..... whether or not there will be a conditional re-cap offer, subject to BEPPAs being converted/redeemed at < $1.0435, or whether an optional offer will be made to BEPPA holders, or if no re-cap will affect BEPPA holders is YET to be seen..... DESPITE what others on this forum say.
BBI Price at posting:
7.8¢ Sentiment: Buy Disclosure: Held
