"So it will come down to what can be negotiated with the prefs...

"So it will come down to what can be negotiated with the prefs and SPARCS holders. That will be the tricky bit."

Yes - the final value of BBI may be a function of the value BEPPA and SPARCS are prepared to receive in lieu of face value, divided by the number of BBI shares they are prepared to receive in lieu of cash payment. Assuming nobody wants to see tens of billions of BBi shares on the register, and assuming it is preferable to have a reasonable BBI share price that facilitates a future cap raising from holders, I can see a potential deal that would leave BBI at 8c to 12c with the death spiral gone and a chunk of the company in the CSI's hands (as consideration for paying off a portion of corporate debt), possibly along with one of BBI's assets (at a bargain price) as I have suggested previously.

With manageable (or no) corporate debt BBI has a bright future because of the quality of its assets which themselves have manageable levels of recourse debt.

Can such a deal be done with the BEPPA and SPARCS holders? Long shot but possible. I've taken a haircut on this stock so perhaps I'm just indulging in too much wishful thinking.