bnbg value, page-14

contrarykiwi (great name), may I reply as follows:

"I'm a bond holder & I will not accept any deal that diminishes my $100 worth of debt. I'll take my chances that I should have folded, but I'm enjoying the oppourtunity to stare down the banks. Shareholders think they are financial geniuses when their share price doubles & bond holders are mugs getting ONLY 8% pa."

Right on, however there must be a middle ground somewhere that we all need to accept for the debt to equity swap to happen so that there can be some go forward, but you are right - why rollover and play dead when we do have rights and quite a few rights.

True, the panic sellers selling out at 5 cents on the dollar are just that, panic sellers, but the volume has been minimal and so I am assuming mosdt bondholders are ready to talk tough if they need to, but I say now expecting $1 back does not look very likely. Some ground will have to be given, esp as the company is in a negative equity position. In essence, due to this position some of our $1 is indeed already lost.

However, although we have less priority that the banks, and the banks will use this position to lean on us a little, they must still understand they need to deal with us all the same and the company I am sure understands this as well.

And of course, it could all be academic if they refuse the debt for equity swap and let the whole thing go, in which case as a bondholder I expect to get nothing in a forced sale situation.