gone, page-9

"Consistent with the announcement on 7 January 2009 regarding the Company’s
negative net asset position at 31 December 2008, the Board believes that in the
current market environment and based on continuing discussions with the
banking syndicate there will be no value for equity holders under the revised
business plan and balance sheet restructure of Babcock & Brown International
Pty Ltd and negligible or no value for holders of the Company’s subordinated
notes."