calling it - bnb, bbi, bbp

My opinion only. DYOR

We are at a point where, as far as the management contracts go, the interests of BNB are alighned with its satellites. By BNB, I mean the BNB insiders - Management / Directors / and Banks - and not the poor note holders and share holders.

For obvious reasons it is advantageous for BBI and BBP to internalise management as long as the cost of doing so is not expensive.

Previously BNB would have tried to extract their pound of flesh in this process. Now, holding the rights is a two edged sword. On the one hand they get fee income (now markedly reduced). But on the other it is detrimental to BNB's upcoming negotiation with note holders:

- note holders will be much more likely to threaten administration if it hurts the banks more than it does them.
- if BNB can sell off the management rights ASAP it removes much of the leverage the note holders have.

Therefore I predict that we will see internalisation of management rights before BNB note holders get to vote. Even if BBI / BBP don't have the funds, it may be sold on vendor terms. In doing so BNB Teg the banks)will
a) Improve their negotiating position with note holders
b) Achieve asset sales
c) Improve the value of BNB's BBI / BBP holdings