any guesses?, page-16

Hi Genibottle,

you wrote:

"if you don't dance to the tune to which you are being dictated, your company will be put into administration"

its not actually the end of the world if BNB goes into administration. Our debt is guaranteed by BBIPL which owns the assets and has the debt. The loss that will occur if BNB goes into administration is the loss in value of some of the "lucrative" management contracts that can otherwise be sold off. The loss of value from the contracts affects the banks before it affects us noteholders, so there is some leverage in the game to the advantage of noteholders.

Cheers,

StatsMan