neiln, page-13

They will all step up if allowed to and ride out this storm.

I think that redeeming the TIMPB for shares is suicidal and means that all credit and equity has dried up, meaning that TIM will get trashed well below 50c and you would want good short insurance. TIMPB a great return if markets stay stable or a nasty loss if all the TIM debt comes home to roost. They unlike ALZ dont have assets to sell and wind back debt during the course of business. I may still be inclined to buy TIMPB and short TIM after some more thought but that too is risky if markets head north.

AAZPB is my choice of play because there is no minimum share ratio in redemption and I am prepared to wait a few years at 16% interest to get my 30% capital gain sweetner. I think they have secured the ship with recent rights issue, can sell down development assets over the course of business and retain profits to further strengthen balance sheet. Further, they are not forced to act on redemption if the time is not right.

cheers