If it's cash I would take 30c. I have a number of Hybrids and even with a $1B injection BBI is heavily geared, therefore still risky. Typically it has taken massive deleveraging to lift the prices above 40c in the dollar for other hybrids, even the ones paying distributions.
Check out MXUPA, step up in April 2010, paying $6 dist currently, massive parent coy, currently $55. Even after recapitalistion BBI is a far higher risk.
