spoke to bnb, page-19

StatsMan

You sound quite switched on. However, you are all unsecured noteholders. You can exercise whatever you like and wind up BNB assuming of course you are in the majority which I clearly doubt. Even if you could get a majority exercised you will rank, at best, with shareholders irrespective of what guarantee is in place with whatever entity. You can demand what you like from whoever but that guarantee is worthless if there isn't the capital behind it. What will the company do if there is no money to pay you back?? Here...they will renegotiate your note. I think you'll find that most banks here would invite you to wind up BNB. It's easier for them. They ARE secured and you're not. As for business plans etc, it's all noise. Like I said, I don't see much more than a negligible value being provided to noteholders. Simple as that. Sorry.