My restructure suggestion was rushed before as i was posting...

My restructure suggestion was rushed before as i was posting from the irritating keyboard on my iphone. I'm now in front of my home pc and can explain in more detail.

Suppose 49/51% of DBCT sells for $1.6bil to the mining consortium. This would give BBI some breathing room in the short term as the sale would cover the feb 2010 corporate debt payment.

Suppose further that the remaining 49/51% was floated with priority given to BEPPA/ BBI holders. In this scenario BBI have time to set it up as the Feb 2010 corp debt is no longer breathing down their necks.

Now even if BEPPA holders where given a 3 for 2 offer, where 3 beppas = $2 in the DBCT float. That would mean ~$535 mil of the float would be taken up with the conversion of BEPPA. This leaves around $1bil to still be raised from BEPPA/ BBI holders or outside investors which i don't think would be a struggle at all with the recent interest in high quality infrastructure.

So at the end of the day BBI have cleared BEPPA for ~66 cents each (535 mil). Gained 2.6bil (1.6bil + 1bil) in cold hard cash to pay down DBCT asset level debt and corporate debt and emerge as a company with no hybrids, VERY manageable corporate debt and are in a very strong position to do a follow up CAP raising, as without hybrid conversion worries and with hugely reduced corporate debt the ords SP should be ~20 cents.

I hope my ramblings make sense and even if you change the figures a little, ie. cash isn't 2.6 bil but rather 2.4 etc, the general thought remains.

And while dargie and co. will be quick to shoot it down as the banks wouldn't dare allow beppa to convert ahead of bank debt. Whats good for BBI is good for the banks, and a solution that sees beppa cleared and BBI ending up with 2.6 bil cash is better than a solution where2.6 bil cash is made from a simple straight 100% sale.

I know i'd sure as hell accept 2/3 face value of BEPPA converted into a stake in DBCT paying solid reliable divs. And i'm sure BBI ord holders would be willing to chip in $20,000 into a DBCT float if it meant there 1.5mil unit BBI holding doubled in value.

I hope the time its taking DBCT is due it taking time to sit down and nut out the details to a scenario like seen above.


Cheers to all holders.

looking forward to tomorrow and the months ahead.