>this whole mess is not very straightforward and I can see why...

>this whole mess is not very straightforward and I can see why the Australian is calling these notes "complex". I really hope the BNBG notes are 10% of face worth of hassle to BBIPL

Management and Directors have sold out the ordinary shareholders. The much vaunted "debt for equity" swap has turned out to be a complete farce.

I now believe the current directors are simply bank stooges.

The last announcement, as has been pointed out, reveals that it was written by someone solely concerned with maximising bank debt recovery and preserving management bonus and redundancy payments.

Ordinary holder equity, in the mind of the author, was burnt off ages ago. The obligation for directors to try and salvage something, on behalf of the owners, does not appear to be the top priority.

The subordinated note holders are next in line for the bank Judas goats to be lead to the slaughterhouse.

Be completely assured - the "offer" for the BNBG's will be completely derisory.

The only hope now is to control the appointment of an administrator for BNB and then BBIPL.

Only under insolvency statute will we get the investigation into the deals and manipulations that resulted in this failure.

The insolvency statue gives power to reclaim funds and to sue for damages. I would suggest that clawing back some of the bonus payments for "bad deals done badly" would be the top of my agenda for the creditors meeting.

We cannot trust the Trustee. These people are administrators of trust deeds - they are not commercial negotiators.

We need to get organised.

If someone has commercial law contacts in NSW - now is the time to pipe in ...

i) We could form a limited liability incorporated society
ii) Membership is based on assigning power of attorney over your BNBG vote and subsequent BBIPL debt.
iii) A small leadership team - with clearly defined mandate and goals.
iv) Establish the debt (BNB into administration - BBIPL into administration)
v) Fight for control of the BBIPL administration process - the appointment of a BNBG holder nominee as.

All debts are equal ranking at the creditors meeting. This is the one and only chance to influence events.

We could encourage BNB ordinary holders to sue for damages. It would be wonderful if vast trances of BNB ord holders were able to vote as BBIPL creditors.

Collusion between the banks and BBIPL directors to defraud? This is very long shot - but there may be resources.

I have no NSW bar connections :(

For the Incorporated Society - how about:

"The February Brigade of the BNB Noteholders Revolutionary Front"

Might attract the interest of anti-terrorist government agencies. Is Guantanamo Bay a tax haven?