spoke to bnb, page-45

Swap, I concur with your post. This is a very serious situation.

I would also add to your points on the guarantee.

BBSN noteholders and the Trustee have to be very careful when dealing with the amount owed and the terms of the guarantee.

As Swap points out - we are owed A$100 per BNBG (NZ$1 per BNB010) + accrued interest.

This is the amount that is subject to the guarantee.

If lesser amounts are agreed to the, surprisingly, it is possible for the Guarantor to escape from their guarantee. The rights under a guarantee descend from the law of contracts. You change any terms of a contract, you may be invalidating the entire contract.

Swap councils extreme professionalism. He is 100% correct. Every step in the process requires a careful, measured response.

All BBSN holders need to recognise that if we act, together, with clear goals and objectives, BBSN holders have the ability to do significant damage to the Banking Consortium's plans for BBIPL.

Surprisingly, we have NO ability to negotiate. We simply need the resolve to proceed to an endpoint (BBIPL liquidation) and effectively communicate this resolve.