and assuming the BBI price trades at circa 30c post restructure,...

and assuming the BBI price trades at circa 30c post restructure, the company could also then do a consolidation of the securities on a 1 for 10 basis to reduce the number of securities back to circa 1.1Bn BBI's. The BBI price should then stabilise around the $3 mark.
You then have a clean, manageable register and a solid $3Bn company paying solid distributions from actual operating profits and you don't get slaughtered every year by a greedy parent.