bnb should have survived

The reason BNB failed was due to the Bankers (mainly European) who would not fund the business. It has less to do with the business model, the executive fees, the deals, etc. and completely to do with the fact that the Euro banks will not fund risky assets outside their back yard.

It has been left to noteholders to do shareholder work.

The shareholders should have risen and threatened administration once the banking consortium reject the debt for equity deal.

An honest insolvency process was the best hope for all stakeholders.

At this point in time - the shareholders are not at the table. It is noteholders vs the banks.

If I could figure out a practical way to protect the interests of all stakeholders - including staff/management, shareholders, noteholders and banks ... I would be doing something about it.

As it stands the banks pulled the plug - only they have the power to put it back in again. The future is far from certain for the noteholders - the banks continue to dig their toes in, a complete mess will follow.