my bbi valuation / dbct sale flows, page-148

Boy there are some dreamers on this site sometimes. I am not going to read the prefs trust deed in detail, but there is absolutely no way in a million years that any company worldwide listed on a respectable exchange would ever(even for a nanosecond) try to buy back debt onmarket at a discount while there are still interest arrears owing on them. (I do not include a restructuring as a buyback - that is different).

The company's first and foremost obligation (in terms of the prefs) is to meet those interest arrears before they embark on any capital repayments. Otherwise you are not treating all holders equally. If that cash is available, then the arrears must be paid first. Then you can go about doing your buybacks.

An onmarket buyback by the company, while BEPPA is still in interest arrears, will NEVER EVER EVER happen for BEPPA. NEVER EVER EVER. Anyone who thinks along these lines, well the best of luck to it. There is more chance of Halley's Comet coming early.

WAKE UP.