ifandwhen,
Now I follow.
BEPPA holders will not get ALL the proceeds of the AET&D assets. They will just get the rights to receive the proceeds UP TO face value + interest.
This is my understanding of why the structure of the deal is difficult. If BEPPA got ALL the proceeds, it would be easy - BEPPA get $0.43 value + in specie distribution of shares in AET&D group.