timpb has up to 60 per cent p.a. return

Happy to be told i am wrong but:
(a) TIMPB has 60% p.a. return to Sep09. This return holds if TIM is above 51 cents in Sep09
(b) the trade only loses money if TIM drops below 26 cents in Sep09
(c) buying TIMPB can be hedged using CFD's on TIM; e.g. if you sell 1 CFD on TIM for every 1 TIMPB purchased, you lose money if in Sep09 TIM is above $1.89 or below 8 cents.

In summary, (1) if you think TIM will survive long term, buy TIMPB outright (2) if you think TIM is a basket case, sell CFD outright (3) if you don't know, buy TIMPB and sell TIM via CFD;

Happy to chat on how I got these numbers.........