not great but could been a whole lot worse, page-3

Yes, DBCT is probably their best asset, with considerable growth potential.

However, as well as all the short term hurdles they have to cross in 2009, that 2012 BEPPA $700M that needs to be repaid looks like a real Everest for the company, especially in terms of shareholder wealth. The dilution from this would be massively wealth destructive for ordinary shareholder.

Also bear in mind there is a whole lot of other debt that has priority over any money that could be directed at these bonds. Although 2012 is still years away, finding $700M is a huge task for the company. I would (for the sake of both ords and BEPPA holders) love to see the company put itself in a position where it can buyback the BEPPA's on market and start to cancel them. Then you would see a huge rebound in the share price and perhaps the climb back out of the death spiral they are in start to reverse.