bsc is really playing with fire here. they should bite the bullet now and issue as much common equity as they can. if they have to print a trade down significantly they should do so. yes, the dilution would be very tough bear (ha ha), but the alternative is worse. bsc is all about trading. they don't have a lucrative financial advisory business to fall back on. its amazing how cavalier bsc is with respect to their own franchise value.
Position: none - DO YOUR OWN DD!