bnbg reset 15 november 2010, page-4

Noteholders ... won't get access to assets in BBIPL nor effect BBIPL in any real way.

BBSN noteholders have a subordinated guarantee from BBIPL, which should stand regardless of the status of B&B. If their notes are not Repaid, Resold or Exchanged in accordance with the terms of the notes, then they will have a claim on BBIPL's assets. This claims ranks behind the banks' senior debt, but is still enough to force BBIPL into administration.

Someone with a serious stake in BBSN (BNBG) notes should be getting lawyers to look over the trust deed carefully and giving advice on the best course of action. The banks will certainly be doing that!