Watso,
Agree theres that possibility- that its no different from AFG, CNP etc...
But do think their assets are of a higher quality- there also seems to be a few that should be quite easy to flog off and reduce leverage very quickly (the wind assets are the obvious one).
It seems clear they need to do something monday to reassure investors- if we see another run on BNB and its satellites, BNB's reputation will take another hit, making recovery that much more difficult.
I don't have a huge position- down slightly, but trying to remain objective about this. We haven't heard anything from management about obvious problems (bar BBP and that seems to have been resolved), and so alot of the problem is rumours (media), obvious shorting (hedges), and guilt by association (comparing AFG and CNP etc..)
We had a good day on the DOW (particularly for financial stocks), and if BNB can put their heads together and come up with a sensible plan to restore market confidence, we could head northwards quickly, particularly as shorts will need to be closed.
If management are again silent on monday, its probably reasonable to assume there might be major problems bubbling under the surface, and they're keeping quiet for legal reasons (disclosure regs etc...). In which case, there's probably going to be a few running for the hills, so to speak.
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