bbi management fees and bbipl liquidation, page-11

The BNBG notes situation is a very technical situation.

It appears that the noteholders could interfere with the BNB rescue plan if they are not taken care of adequately. Most noteholders would porbably accept that getting all of their face value back is somewhat forlorn, but neither will they accept some piddly 5 or 10 cents on the dollar offer.

Be very clear that BNB going into adminstration wipes off the mgmt agreements for all of the satellites. I think they banks are pretty desperate this is not going to happen. It hurts them more than it will hurt bondholders.