why would beppa agree to cornerstone now?, page-2

The gaining of additional time in which to divest or refinance assets is an attractive element of the Bumblebee proposal. It needs to be remembered that we are only 6 months on from the March plunge, and the perception a new global depression was upon us. Time, as with many things, can heal lots of ills.

It is understandable that BBI management and board are dog tired and want a quick and easy solution that preserves their sinecures. But they are well paid and we should expect more of them.

With this in mind there appears no case for a transaction that impairs the BEPPAs. The cornerstone investor's original plans will be stymied when it comes to a vote - and so he needs to go back to the drawing board and contemplate conversion of the BEPPAs on their contractual terms.

[BEPPAs only]