I'd be surprised if BEPPA ever traded above 80c. The market will...

I'd be surprised if BEPPA ever traded above 80c. The market will always discount a "hybrid". You just have to look at all the listed hybrids in the Fin Rev.
The only way anyone will realize $1 for BEPPA will be to hold until maturity and you may never get your $1 in cash.
I think it is very likely that BBI will offer an early buyout of BEPPA via an off-market tender process sometime between 2010 and maturity.