first prize bluff, page-16

Nice analogy Beattle.

The problem for Mr BEPPA is that the rattled management have the power to tip their interest into swirling black pond where all the BBI equity holders live.

Mr BEPPA has no choice in this matter.

Hence, sure as eggs, Mr BEPPA will be fully and completely sacrificed at the altar of Mr Corporate Bank expediency.

All Mr CI has to do is wait ... all the BEPPA debt will evaporate because rattled management see this as serving the best interests of the deal with Mr CI.

BEPPA holders cannot bluff ... they will shortly be turned into equity holders. I'd really hate to have a Lowry scale BEPPA holding.