things will be just splufty!, page-9

Just one further observation ...

BNB is clearly under intensive care from it's bankers.

Clearly, the bankers believe it is better off trading, than in administration.

I would assume that management and the basic viability of the business model are well understood by the banks.

Question: as the recession plays out, it is clear there will be other corporates falling by the wayside. (Just look at the mining sector ... even the majors are not safe).

Could it be that BNB, by falling under the banker's care, early, may get the best deal in terms of banker support? Maybe it is not such a bad thing to have banker equity as part of the capital structure, to have the bankers deeply understand the structure of the business; they would be more confident in their support, should it be asked for.