sparcs sweepstakes, page-16

If 100% of SPARCS got converted at a weighted average price of 3c, the net asset value of BBI drops to 58c. That's still a very long way north of the current price. I think the threat of dilution has spooked the market and the market has over-reacted. The more important issue is asset sales and once DBCT and PD Ports get sold, BBI is home for your tea money. BEPPA is still by far the preferred entry in my opinion. 4.8c in the dollar is value with a capital V.
BEPPA benefits from any dilution to BBI.