I agree that new money would come in without converting BEPPA -...

I agree that new money would come in without converting BEPPA - we have said a number of times that BEPPA is cheap debt - what better debt do they have with no covenants, no repayments, and no increase in interest rates.

If I was a buyer of BBI, that sounds like the best debt to have in the current market.

If BBI could issue new BEPPAS tomorrow at face value, they would do it in an instant.