You would need "sophisticated investor status" to short the...

You would need "sophisticated investor status" to short the stock in those quantities, and have a substantial cash backing obligated to covering the position. Only a few brokers close to the table would be using this as a strategy to protect their clients level of dilution in the aftermath. (nice word aftermath, fits this perfectly)

Those brokers certainly would have a conflict of interest with the stock at the moment.

In effect it doesn't bring a lot of new money in to cover debt but it certainly shores up the positions of those who can work it to their advantage to give them a bigger stake in the rights issue which will be at a discount to NAV most likely.

It will increase the volume and decrease the BBI price and increase the ratio to hybrids if it goes on big time and that is against the interests of the BNB holding so cannot say how they will cope with it.