It is. Sorry to all BNB noteholders for your losses.This is a...

It is. Sorry to all BNB noteholders for your losses.

This is a big shock. What a ridiculous situation. Shares go from $40 to zero. Noteholders...just as bad.

From their announcement today:

"If, and only if, the restructure is approved, then Babcock & Brown Australia Group Pty Ltd, a subsidiary of BNB, will
make an offer to acquire the notes for $0.10 per $100.00 Babcock & Brown Subordinated Note and NZ$0.001 per
NZ$1.00 Babcock & Brown Subordinated Note 2 (that is, one tenth of a cent for each dollar of face value for both
series of notes) (Offer)."