>I am doubtful that they would be saying this if they had doubts about it, remember they engineered it in the first place their will be imbedded clauses that will protect the banks.
The BNB trust deed over BBSNs is not water tight. Further, there are resources in equity and basic contract law. The nature of the complex structure and the ambiguity of the associated documents makes working out a number of approaches to "cracking this nut" feasible, legally.
If this turns into an insolvency process, there are many more tactical resources.
Even the shareholders could call a SGM, replace the current board, and put the units into voluntary liquidation. The shareholders clearly have nothing to lose by this.
Larkin and his band of Banks have played their hand. Their intention is obvious, now.
Is the fortress impregnable? Have they left the back gate open? Can some Trojan horses be planted inside?
No doubt better brains than mine are already at work on this issue.
BNB
babcock & brown limited
