The last thing BNBG holders want is to convert to shares.
Even if there is a trigger event - BNBG holders do not have to do anything.
The only value we have is the guarantee from BBIPL on our interest and capital. We may be subordinated debt holders - but we are debt holders, none the less.
BNB, itself is worthless. Only BBIPL has assets and the ability, given luck and good judgment, to be worth something, in the future.
BNB
babcock & brown limited
