Shorting is a way that traders profit from a fall in a stock price. They sell shares they do not own in the hope of being able to buy them back at a lower price in the future. But since then, BE’s fortunes have improved greatly, thanks to rising electricity prices in the UK. And as a result, some investors now believe the terms of that deal should be renegotiated, giving BE’s shareholders a greater slice of the post-restructuring company. Such a scenario, should it come to pass, would certainly send BE’s share price sharply higher.Elsewhere, something of a buzz surrounded MyTravel, which, like BE, is also facing the prospect of a debt-for-equity swap as a way to deal with its huge borrowings. Dealers reported that it is virtually impossible to short shares in the tour operator.

Ever since it was announced traders have been trying to work out what this arrangement means for the value of BE’s current shares, and the consensus is that they should trade well above 10p and possibly as high as 20p There is a further bull case for BE. The debt-equity restructuring was hammered out early last year. Those buying into the stock believe that the company is fundamentally undervalued, despite the fact that current shareholders face a massive dilution as a result of the pending debt-for-equity swap, which aims to wipe out the company’s massive borrowings.Under the terms of this restructuring, BE’s present shareholders will control 7.5 per cent of the company once the debt-for-equity swap has been completed, with the remainder going to its creditors. Since then, BE shares have again been on the up and broke through their 10.5p high earlier this week. Yesterday they rose again, 1.3p better to a new 12-month high of 12.3p. What is going on at British Energy? In February, the electricity generator’s shares were set alight by news that the US hedge fund Appaloosa – a specialist in distressed debt scenarios like BE – had taken a 4 per cent stake in group.

They soared to 10.5p but were sold-off heavily after it emerged that Appaloosa had sold down its holding to below 3 per cent and made a quick profit. When I sprained my right ankle a few years ago, the doctor who was treating it asked sympathetically if I played sport. When I told him I was more worried about how soon I could wear heels again, his sympathy evaporated.It is impossible to explain to a man why shoes that make the wearer feel precarious also bestow an enormous sense of power. But killer heels did not get their name for nothing.Joan Smith. But feet have often been eroticised as much as the breasts: pushed up, exaggerated and framed to reveal what Manolo Blahnik actually calls “toe cleavage”. High heels serve as an arrow, drawing the gaze up the legs towards the overtly sexual parts of the body.Whatever the reason, I hate having to wear sensible shoes.