>So, can't the Receiver put BBIPL into administration then? Or...

>So, can't the Receiver put BBIPL into administration then? Or will the banks exert influence over the Receiver so that they don't do this?

Yes, the Receiver can do this.

The procedure is as follows:

1) We are already in a "delisting event" - due to the length of time the BNB ordinaries have been suspended.

2) We will get a letter from the Trustee advising us if we want to file an "Exit Notice"

3) This "Exit Notice" will give the option for the capital to be "exchanged, repaid or resold". "Exchanged" won't be an option - because we don't have a VWAP and the ord shares are valueless, anyway.

4) At this point BNB advise they cannot repay and have no options to resell (the reseller has to give us $100 per note or some such equivalent).

5) The Trustee invokes the terms of the BBIPL Guarantee. BBSN holders establish their debt with BBIPL.

6) BBIPL advise that they cannot honour the terms of the guarantee due to the constraints imposed on BBIPL by the new restructuring bank covenants.

7) The Trustee files to put BBIPL into administration on behalf of Noteholders.

8) The Noteholders, at the creditor meeting nominate an Administrator to act as Receiver.

9) The Receiver uses existing BBIPL funds to prosecute a lengthy litigation on behalf of Noteholder debtors to sue the a$$ off directors and their partner in crime - the conspiring banking consortium.

10) The high court finds of favour of the noteholder debtors, grants damages ranking their debt first in the liquidation. Noteholders get their capital and accrued interest back.

(Note: there may be some optimistic assessments in the last points).