spoke to bnb, page-55

I have been reading this thread with interest again. I'm not entirely sure why you guys are soooo hung up on a guarantee issued by a company which, dare I say it, wasn't even rated!

As a corporate finance/structured product structurer, issuing a guarantee from an entity is no big deal! Indeed, while the company is solvent, the guarantee works, where it falls over is where the company issuing the guarantee has no capital to repay or is subjected to some extraordinary event which limits the guarantee. It is exactly this point which was presented by Lehman Brothers and with a lot of its structured products. Capital protected/capital guaranteed notes ended up worthless as the entity providing that guarantee was wound up.

I would humbly suggest that you are all wasting precious emotional time on trying to achieve the impossible. Your notes, whilst they may have a face value of $100, only have that value based on the solvency of the entity which has underwritten them. Simple. Management contracts or not, I sincerely doubt that entity now has the capital or the fiduciary capacity to honour that undertaking. Secondly, you are in the minority. Move on. You've done your dough. I still hear people talking up ERG for God's sake. It's done guys!