This is probably going to be a silly question, but here...

This is probably going to be a silly question, but here goes...

BBIPL as I understand it is the holdings company for BNB, but is an unlisted/private company that is owned by a bunch of private investors. Presumably, because BBIPL is a private company, none of us are able to see their accounts. My question is:

Does that fact that BNB has negative equity necessarily imply that BBIPL has negative equity?

I would have thought that the answer is yes, otherwise the banks would be going after that equity. Can anyone confirm this?