It was my impression that 25B referred to the number of BBI shares that would exist prior to dilution by the new investor.
Your scenario might be fairer, but it contradicts the published article that called for the new investor to put in $1.2B for 90%. Even if I assume a straight 1-to-1 conversion of hybrids to BBI (which is the least dilutive scenario), even then you need 30B new shares to the cornerstone investor to give him 90% of the total equity.
Of course your deal is better for shareholders. Let's hope we get that. But I am not a mind reader. I was simply trying to put numbers to the published article.
I think it is worth stressing that in the current situation BBI has lost all leverage. It will get a bottom feeder's price simply because it has no staying power for a tough negotiation and no leverage to get a better price. So while I might hope for the deal you (and Dargie) are advocating, I wouldn't lose sleep waiting for it.
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