I agree that the BNBG noteholders are getting screwed, but I would hazard a guess that the banks have made sure they own enough BNBG notes to make sure that they can defeat any motion that needs the 75% agreement of noteholders?
If they don't have that many already, then I am sure some funds will sell them to them off-market for a small premium over .01.
Complete speculation.
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I agree that the BNBG noteholders are getting screwed, but I...
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