BBI needs ~6-700m $ (according to whoever + ABN Amro) to get past February. $750m to get past 2011.
half of DBCT is worth about $2.3b but cannot find anyone willing to pay.
Investor puts in an amount, can be anywhere from 600m to 2.3b cannot tell now of course, and has half DBCT written as a guarantee in x years time if BBI as a going concern is still shaky. Similar to Euroports percentage increase over time for Arcus holding.
PD Ports is paid out or provision made, money timing.
BBI pays sparcs out if they want as the contract says they should.
Feb is paid out.
FY 2011 is covered.
Banks are off back.
Distributions and interest recommenced at a diluted rate.
Going concern is good.
Capital restructure in there somewhere after February.
Change of control event not triggered as investor takes less than half BBI.
Previous long term holders take a haicut via dilution, It helps that there are so many small fry long termers who have been shaken but not yet stirred.
I don't know if this is correct but it is all from reading BBI's announcement this morning and from seeing their survival instinct at work, and not some 3rd hand speculation.
ifandwhen
ifandwhen
BBI Price at posting:
7.8¢ Sentiment: LT Buy Disclosure: Held
