bargaining power

OK, this is more about BNB but as such is related to CNP so I hope you don't see it as off-topic.

I know very little about BNB (compared to say CNP/CER) and lothe am I to believe anything in the Papers on face value...BUT, it is rather interesting to compare the "demise" of CNP/CER versus BNB (and even perhaps Allco). Based on what we have in the papers today (again I know most of it will be rubbish), what's interesting is the quickness of BNB's demise compared to Centro.

By all acounts IF BNB goes under, it is imminent and will be handed over to adminstrators very very quickly. Big IF. Compare this to Centro.

Our journey has been long (and painful) in comparison. And still going Even now after this long journey, reprieve may be potentially in the wind. So I think it can be safely assumed that the banks actually DON'T have ALL the bargaining power in respect of CNP/CER. Possibly a lot or even most of it. But certainly not all.

It's also interesting to company say Centro with Allco and BNB. Allco and BNB are very much about alternative assets....Shipping and Lease Contracts (Allco) Wind and Enegery (BNB). Centro is all about ownership and management of Bricks and Mortar.

This aspect alone when compared to the demise of Centro's badboy peers has received little attention. Interestingly also is that a lot of BNB's value lies in the management contracts of it's satellites. They are in a position now that they are divesting themselves of their interests in these satellite assets and the management of the said assets. This is very bad for business. Well over 90% (I think) of their revenue is attributable to this Macquarie style revenue. Not so with CNP. Very, very valuable at some $200 mill of profit but it's not the only or main source of revenue. And the banks, it would seem, are reluctant to destroy the valuable piece of Centro....hence the floating charge.

Cheers.