Yeah sure does seem to be.
I am just going with the minimal knowledge I have on the BNB financials and setup as its so complex but a strong gut feel that BNB will continue after this suspension.
The future though and pulling out of the mess will be the tricky part.
Asset sales at non-distressed or non-fire sale price will be hard in these times...so a solid extension in repaying the 3.1 billion will be important.
We always get the information last so the 90% of posters saying its over may be right...it does look like it from the media reports that they are going into admin but its the banking syndicate who will decide the fate and I have only read of 1 or 2 unhappy banks out of the 25. To pull the pin on BNB for the other say 23 seems unlikely to me at this stage...but you're right...anything can happen and the market sux at the moment....bar this week jump on the DOW etc.
My main theory is that by mid next year or approx 28 weeks away...there is meant to be an easing of the credit crisis. So if BNB was allowed to survive past that point..we may see BNB pick themselves up, get their act together and return some value to the company.
Currently...BNB is valuesd at 85 million. If an extension / convenants changed....I can see this improving a lot and with some success in asset sales etc...maybe BNB can spring back to life a bit.
We'll see next week.
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