>"Because of the subordination arrangements, neither an administrator/liquidator of BNB nor Noteholders or the
Trustee would be entitled to seek the appointment of a liquidator to BBIPL so long as monies remained owing to
BBIPL’s senior lenders."
Even if this is the case, wouldn't the shareholders be able to still replace the board of BNB and have the new directors liquidate BBIPL. I realise that the shareholders have no value left but personally (as a shareholder) I would prefer to dump the current board and still see nothing rather that have them payed large bonuses and see nothing. If I'm getting nothing I feel that those that got us into this situation shouldn't be getting anything either. I would prefer to see noteholders get something over the directors and banks.
BNB
babcock & brown limited
