But isn't BNBs Net Tangible Assets actually considerably higher...

But isn't BNBs Net Tangible Assets actually considerably higher than the share price? I remember seeing a figure of $6.20 in the recent interview with Michael Larkin:

https://www.businessspectator.com.au/bs.nsf/Article/Michael-Larkin-LZ87D?OpenDocument

I can't imagine the shares jumping up to the $6 level any time soon. If the D-E swap takes place at a share price anywhere near the current share price, then the note holders and banks would be getting an absolutely brilliant deal to the detriment of the current shareholders. The debt holders would end up owning the clear majority of the company and the current shareholders get left with a tiny proportion of the equity. This is just my understanding of the situation, happy to hear alternative points of view. But, looks like the shares are very, very ordinary at the moment and by "ordinary" I mean "yuk".