No doubt that the banks are holding the aces at present, but as I see it the best way for them to be able to recoup their funds is to keep the key managemanet team of BNB together and to realise the assets at a later date.
If they dillute the shares to next to nothing most likely management will walk. I'm not sure of the current numbers but I think that management used to own around 40% of BNB.
The other thing here is that the negative asset position has been caused by the assets being moved from a "held to maturity" to an "available for sale" basis which now means that the marked values are now at firesale prices (not taking into account any of the future cash flows).
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