spoke to bnb, page-43

Again, I refer back to the end of my last post. This needs to be dealt with in a professional and business-like manner.

We are not talking about a 'mate' who owes you a few bucks and being short of cash offers to 'square it away' by giving you a slab of beer and fixing your leaky guttering.

This is a serious situation and needs to be dealt with as such.

BNB is an ASX-listed entity with professional directors bound by the Corporations Act. It currently owes you $100 per note which has been guaranteed by a separate legal entity, BBIPL.

Your now have the right to request repayment from BNB by virtue of the trigger event. If they are unable to pay (which is likely), you want to know why and see evidence. If this results in administration for BNB, then so be it.

Once BNB is in administration, we then want to know how the Trustee and Guarantor are going to deal with their contractual obligations to note holders. If the BBIPL guarantee holds, we have a claim against the assets of BBIPL and if this results in administration for that entity, then so be it too.

If, along the way, one or more of the entities wants to offer a settlement to the situation, I'm sure we will all consider it once we have the facts and evidence that they are unable (or not required) to pay the full amount due. The majority of note holders can then decide whether to accept or reject the proposal. If they reject it, the debt still stands and action against the companies concerned will continue.

I would urge you to view this as a $100 per-note debt which has been guaranteed and now needs repaying by either the borrower (BNB) or the guarantor (BBIPL).

This is a very different situation to, say, AFGHA where (from memory) no guarantee was present with an entity still trading. When AFG went under, note holders had nowhere to turn.

Make no mistake that BNB, BBIPL and the lenders are well aware of this situation. Beer and leaky gutters aren't going to make this one go away so they need to come back to note holders with a solution.

All indications are that they will very soon.