bnbg - looking to the future..., page-13

Hi chachabear,

I guess it depends what you mean by "wiped out". If you were planning to make a quick buck off BNBGs, then I guess that is now just wishful thinking. So I guess you could say that particular idea or strategy has been "wiped out". However, If the swap is simply the use of perpetual notes to replace current senior debt and the interest on those notes is something manageable, then the debt situation has actually improved from the perspective of the noteholders.

I don't see how you can conclude that "even if the group survives, the notes will not be worth anything". The notes entitle the holder to payment of face value and any compounded interest in 2015. A lot can change in 6 years and BNB could be a very different entity by that stage.