Well, the liquidator picked up approx $28m (net) from BNB...

Well, the liquidator picked up approx $28m (net) from BNB directors auditors, and another $2m net from a related Babcock company. But that was back in 2011/2012. The liquidation continues today, with no distribution to noteholders after 16+ years. There is approx $23m of cash held by the liquidator against $608m of noteholder claims. The legal fees + liquidator fees have totalled $7.8m over the last 10 years (net of $0.9m in legal cost recoveries).

It is impossible to know when the seemingly endless litigation from shareholders will end. Regardless, I am seeking to buy notes at around 2c on the dollar. Even though they are no longer listed, the trust deed allows for them to be traded between a buyer and seller.

I am not an accountant, and not giving accounting advice, but I do wonder if selling could crystallise a tax loss where the liquidator has not yet issued the official notice to say the notes are worthless.