As I see it, ordinary BNB shareholders have lost the lot...there...

As I see it, ordinary BNB shareholders have lost the lot...there is no value left, nor any avenues to proceed with. Noteholders do however have an opportunity to salvage something.

The banks will want to proceed with a debt to equity conversion....and they want to do this in the belief that a greater portion of the debt owed to them will be recoverable via asset sales over the course of the next few years...it is a better option for them to keep the company afloat and gradually sell off assets, rather than the company going into administration and having assets fetch firesale prices as would be received under the current climate.

Where noteholders differ from ordinary shareholders, is that, given enough numbers, they have the power to force the company into administration....in that situaton the banks will incur far more of a loss. In effect they have the banks somewhat over a barrel. The proposition could be made to the banks that if the noteholders are not paid X amount in the dollar, or X amount per note, then they will force the company into administration and the bank's losses will be far more significant than if the noteholders were paid some return on their investment.

It would be unrealistic for noteholders to expect face value to be paid out, as the total value will exceed what the banks would be willing to accept, but they can force some sort of a return with some reasonable negotiation, coupled with some realistic expectation of what they might be able to salvage from this.

I would encourage all noteholders not to lay down, and to collectively gather together to fight for what they are legally entitled to. You are in a position of strength if you band together.

As for the comments about management, well, if the debt to equity conversion is allowed to occur, effectively they become bank employees, as it will be the banks who will be paying their wages....therein, I would not be looking to them to be representative of your interests.