contrarykiwi
What you are technically saying is correct. However, if you sit across the table from the banks and argue this, they will laugh at you.
However, if the banks laugh at you, bondholders could say stuff it, we will put it into administration, and that would wipe the smiles off their faces.
Double however, that situation would be a Mexican stand off and in the end both parties would lose out considerably, and noteholders I suspect would get nothing.
Therefore, there is definitely a need to negotiate in some manner to resolve the stand off, but just saying I want $100 for my bond is not the answer. At some point we need to give a little ground if we are going to save a whole lot more. I would rather get $50 back than nothing at all. There is a lot at stake.
BNB
babcock & brown limited
