spoke to bnb, page-15

Hi Genibottle,

here is the lowdown as I see it.

There is some value to the banks and to BNB in keeping their company out of administration because BNB has lucrative, unbreakable management contacts with some of its satellites. These satellites want their freedom from BNB and are willing to pay millions of dollars to get out of them. But the management contracts go up in a puff of smoke if BNB goes into administration. BNB noteholders can as of today claim all of their money back for repayment at face value of $100 because a "Trigger Event" has occurred (suspension from trading for 20 days). If BNB don't pay up, then noteholders have the power to wind up BNB and destroy the value that would have existed in the management contracts. Thus BNB noteholders are in control of the fate of a large sum of money and will need to be bought out to ensure that they don't spoil the party for the banks and BNB. If you see a gaping hole of logic in this then please let me know?

Cheers,

StatsMan