>"Be very clear that BNB going into adminstration wipes off the...

>"Be very clear that BNB going into adminstration wipes off the mgmt agreements for all of the satellites"

This statement is false.

The management contracts are run out of separate companies that are subsidiaries of BBIPL.

BBIPL is the operating unit of BNB. The banks have restructured BBIPL and not BNB. However, BNB owns most of BBIPL.

Liquidation of BBIPL and its wholly own subsidiaries will kill the management agreements.