There was a trigger point on BEPPA re conversion trigger if BBIM went into admin, the view was that even if BNB/BBIP went into admin then BBIM would remain solvent hence stopping the trigger.
Using same analagy, if BNBG holder can (im doubtful) put BBIP into admin then BBIM the manager of BBI would still remain solvent only differance is that it will be run by administrator, it remains part of the BNB group and following on that would infer that the management fees/contract would continue to flow into BBIM then to BBIP hence banks.
Simply even if BNBG holders can put BBIP into admin, i would imagine that the the managing entites woulds stay solvent so management contract would continue to stay in force.
BNB
babcock & brown limited
