babcock and brown, page-7

hang on a second.

most of the debt BNB has for its assets are non recourse loans. so if they walk away they only loss control of the assets.

so technically the only real debt they have is the corporate facility.

therefore, if there is an positive value on all their assets, plus the value of the management rights, plus all the satelite asset values less the corporate debt = equity value.

lets just wait and see how much they get for the wind assets, if its $2b+ then the net asset value of that alone will be 4x the current market cap.

BNB has value, the sentiment in the market is discounting the value bigtime. we will only know for sure once they sell the Wind Assets.

So focus on the written down value of the wind assets, debt taken on to buy the wind assets and actual amount they sell those assets for. i would bet that the net $ they get from the wind assets is more than the current market cap by a few times over.