i believe i understand yesterday's announcemnt, page-6

well, what i hope is that they just leave the bnbg notes alone. I am hoping that what they mean by their statements about the worthlessness of the bnbg notes is that right at this moment there is no value in them, but that over time given decent sales and cashflows that the notes might recover some value, not today or tomorrow but in a couple of years or so.

entirely possible.

not much the banks can do to the notes without a vote by the holders of them.