bnbg reset 15 november 2010, page-2

"The banks don't want that, because that will probably terminate the management agreements with the satellites"

That is a very interesting point. If this is correct, then the banks will be forced into a deal with the bondholders. It may not be the best of deals, but it could be better than nothing.

Can someone with access to the documents check who specifically the mgmt agreements with the satellites are owned by and report back?

If bondholders are annoyed enough and put BNB under, the mgmt fees agreements being destroyed by the noteholders would be a bad result for the banks.

There is still some water to go under the bridge yet. An offer will perhaps be someway between what the mgmt fees would be worth if they were sold and what the bondholders are prepared to take. I would not expect it to be too much.

Very very interesting.