i believe i understand yesterday's announcemnt, page-4

The game is far from over.

Again, the BusinessSpectator has it right. If you have to "mark to market" vast tranches of assets, in today's market, there will be red ink spilling all over the place.

This process is currently happening in BNB. The '08 financial's will reveal very bad news.

I would point out that if the UK domestic banking sector was forced to "mark to market" their assets - each and every bank would be technically insolvent. This does NOT mean that the UK domestic banking sector will be sent to the wall!

For BNB, the parties are negotiating the debt for equity swap. Clearly the momentum is with the banks.

I would fully expect the banks to toss us a Yorker.

I am confident our batsman are capable knocking this for six.

What I do not understand is why some of the team want the batsman to take it on the pads. Selmax, in particular, seems resigned to take it on the box!!