If BEPPA holders try and be too cute, Mr Cornerstone may still...

If BEPPA holders try and be too cute, Mr Cornerstone may still say it's all too hard and walk away. Where does that leave the company with $205M due in 28 business days from now?

You see, BBI/BEPPA need Mr Cornerstone more than he needs them. Therein lies the problem. He holds all the aces.

If he doesn't get his deal on his terms, he simply walks and uses his cash elsewhere. BBI are not the only distressed company on the planet.

Logic says BBI will be desperate to do a deal sooner rather than later. The cornerstone investor has the total solution (debt paid down and all hybrids removed forever) and my gut feeling is that the BBI board will swallow the poison pill on behalf of securityholders and go ahead on MR C's very harsh terms.