why is bbp more than bbi, page-43

I scrolled quickly through the posts and I see no mention of what I believe is the reason BBI price is where it is. It is clear to me that if and when BNB goes into receivership, BBI is longer part of the Babcock and Brown Group. In fact, it and other satellites are alreadu in the process of cutting ties to the mothership.

This removal from BNB group is a trigger point for conversion of BEPPA. This will wipe out existing equity as $800 million or so BEPPAS are converted at $1.08 per share ($1.08 divided by say 3 cents is around 30/1 ratio);

Have I got this wrong? Comments welcome