dumped and out, page-62

In my opinion, DBCT and Euroports sales are likely to go through, otherwise I wouldn't hold BEPPA.

Re: The Corus news, I spoke to Jeff a couple of days ago and he is of the opinion that the consortium that have pulled out of the contract are doing it to force good terms on the sale of the Teesside plant. I did indeed check this and I found several news stories pointing to the same consortium putting in a bid for the plant in late January this year.

It does seem odd that this consortium would put a bid in to own the entire plant (where they only receive 80% of the output) and then back out of a contract deal.

On the other hand, why would you want to buy a plant in Northern England???

My question to you guys is WHY do you hold equity in BBI? To me it makes no sense at all:
(1) Threat of dilution is WAY too high
(2) Par value of the equity is just over $1 a share (same as BEPPA)
(3) Dividend is unlikely to restart for well over a year (at least you get cumulative div with BEPPA)
(4) If there is excess cash after repaying corporate debt, these will most likely go towards a BEPPA buyback given the cumulative dividend and the massive discount to par.

It's the superior play on the recovery of BBI in my opinion.