babcocks slippery slope, page-46

The only rubbish pcockley that is being espoused is by BNB management, they have no credibility after telling the market they would achieve $x profit and then a few weeks later deliver x-30%. Equity price is everything for a finance company, it shows the real money/market confidence in the underlying business and the banks know this only too well. Equity price speaks to the company's ability to raise non-debt capital so it is truly one of the best barometers banks will look at as they assess ability to repay debt. The review of the business model will result in the emperor's new clothes style of realisation that BNB doesn't have a business model without its funds which it has totally trashed so it doesn't have sustainable cash flows to pay pack the corporate debt facility. BNB doesn't own any hard assets, it manages them, badly (ask the funds shareholders) so there is no future that I can see. Financial stocks are nothing without credibility and confidence.