chart chat, page-30

Vik,

I think they have already announced that they are discussing the future of these management rights with BNB. Given the transactions that have already taken place with BBI, BBW, etc there are now strong precedents as to how these management rights are dealt with. The payouts for breaking some of these other agreements have been quite reasonable compared to what analysts had previously assumed (BBI paid $45m versus at least one analyst estimating in the low hundreds of millions to break).

I suspect the key issue with breaking the management rights for BBP is that they will not be allowed to break unless they have also dealt with the debt owing to BNB. Once they have the cash to BOTH repay the BNB debt and pay for the buy back of the management contract, I suspect we will see movement in that area.