nathan's bbi restructure., page-22

OK. I finally get it, i thought we were debating a new cornerstone investor bringing new funds into BBI, but you actually meant a new cornerstone investor buying up BEPPA on market to gain significant control over BBI, but not actually contribute any cash to BBI.

a cornerstone investor buys $80mil worth of beppa on market, accumulating from now until the volumes dry up/ price is pushed up.

the average for there bappa purchases might get up around 40c/share. $80mil buys 200mil beppas. those beppas then convert to 600mil BBI @3x ratio.

so if all beppas convert we have our intitial 2.5bil shares + 2.1bil from beppa = 4.6bil, of that the cornerstone investor would own 0.6bil/4.6bil = 13% of BBI for $80mil outlay.

could work i guess, but its only added $700mil to balance sheet and hasnt given BBI any cash for debt reduction.

But wouldnt all new investors be looking to gain leverage into BBI through Beppa? who would actually come along and buy a new issue of BBI@20c?