spoke to bnb, page-66

Dargie,

from memory on the BBI threads i remember several discussions with regards to the management agreements and what would happen if BNB went into administration.

The consensus(melua, jonkey ithink) where saying that the because the agreement was with an individual entity(not sure the name) that there would be no trigger event on the BEPPA(for dilution) if BNB went into admin.

I would have thought that if this was the case then if BNB goes into admin then the management contracts also would not be cancelled as they would simply flow through the entity (which would be solvent) then into BBIL/BNB hence the administrators hands.