bnbg - what the?, page-14

faced with a total loss, I think 25% of the noteholders would happily vote BNB into receivership and play hard ball with the banks.

The banks have more to lose in a receivership situation.

I suspect they are planning to leave the notes hanging and not pay any interest.

It may be very harsh, but bondholders could have to wait until 2012 or 2015 to force the issue, or perhaps to wait around to see if any money is leftover, which at this point is not looking very likely.