BBI babcock & brown infrastructure group

dargie - agree with you 100%.the problem here is NOT the...

  1. 880 Posts.
    dargie - agree with you 100%.

    the problem here is NOT the existence of the hybrids.

    It is the balance between Hybrids and equity.

    a hybrid layer of $750 million is just too big for a new equity investor to have any confidence in.

    You can have a convertible of up to about 15% of equity in ordinary circumstances, anything more is inviting big big trouble.

    There is no ambiguity about this.
 
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