spoke to bnb, page-8

guys, in order to go into administration, bnb must first be INSOLVENT. which means it cannot pay all its debts as and when they fall due.

from my understanding the only debt of bnb are the subordinated notes.

but is bnb really unable to pay back the notes?

at june 30 last year they had $2bn of investments in financial assets and $630m of juicy receivables held on balance sheet, more than enough to pay back the notes.

imo bnb are pulling our leg. they clearly have the money to pay back the notes, such that we do not need to rely on the subordinated bbipl guarantee, but want to buy our notes at a fire-sale discount.

if there has been a trigger event, bnb must disclose what our rights are and (presumably) whether they are willing/have the capacity to pay.

all will be revealed