babcocks slippery slope, page-39

hmm... care to elaborate on "all their funds have good reason to ask them to bugger off as manager"?

In particular, why would that worry BNB?

To remove BNB as manager would possibly have to imply a purchase from someone else?

Probably misinterpreted what you meant but you are probably right about the fact that if the syndicated bank facility falls apart i.e. BNB enters an event of default, the banks would probably have a big problem picking the fallen pieces.

This in my opinion leads to the fact that the banks can't possibly allow BNB to crumble and thus would be less "toxic" in their discussions with BNB about the debt facilities.