I guess what we need to take a look at then is the guarantee...

I guess what we need to take a look at then is the guarantee from BBIPL. The Trust Deed does not provide any remedy or even reference to the guarantor.

The top 20 holders of the notes per the 2007 accounts (probably changed a lot since then) held 61% of the notes and they were mostly nominee accounts for banks and some super funds so we can be pretty sure there will be some good legal counsel on the case.