You say "I cannot foresee, under the current circumstances, any interest being paid for years to come. In fact, if you are a BEPPA holder I would more or less give up any hope of ever seeing your interest."
That is basically saying you do not see an end to the current world economic problems. Basically saying that you do not see port volumes picking up in Europe ever and that investors will no longer be interested in buying assets ever.
I would grant you that we are not likely to see a return to easy credit any time soon, but we are likely to see the world economy turn up and BBIs assets are going to become easier to sell for a decent price. In fact in a year or two my guess is that BBIs assets could quite easily realise the NAV if put on the market. On an EBITDA multiple basis BBIs assets look under valued in their books.
So yeah, if BBI never manage to sell enough assets to eliminate corporate debt then Beppa may never see a return. But you'd have to be a put your money under the matress type of investor to believe things won't recover enough in a couple of years, maximum, for BBI to sell assets at a decent price and eliminate corporate debt.
I hold Beppa only.
BBI Price at posting:
6.6¢ Sentiment: LT Buy Disclosure: Held
