bnbg, page-9

>Do people really believe that if BNB went bust, there would be less than 2-3 cents in the dollar to pay the bond holders after the banks took their cuts?

QUOTE (Tony Boyd - Business Spectator - talking to Michael Larkin)

TB: I think you said in your announcement that the company would be facing some sort of impairment provisions. Is it too early to quantify that?

ML: Yes, it is. The process of determining the value of the assets on balance sheet is a complex one. It’s more complex in this market than has been experienced in recent times. It’s not the issue that we believe the assets to be impaired. It’s actually determining the appropriate value of those assets, not necessarily the direction of the value change.


Let me repeat the key bit:

"It’s not the issue that we believe the assets to be impaired. It’s actually determining the appropriate value of those assets, not necessarily the direction of the value change."

Hmmm, food for thought.