Rowscoe,
The Trustee is key to this. It is Perpetual in Australia.
The jurisdiction for administration of trust is NSW for both BNBG and BNB010's.
BBIPL is also a type of trustee - given the note guarantee. The terms of the guarantee would be a trust deed type structure with BBIPL.
Again, we are back to how Perpetual react. They will act to secure the rights of the noteholders and the best outcome for noteholders. The only way this can be achieved is administration for BNB.
I think they will be convinced to wait for any position from the banks ... err ... company. The bankers ... err ... company directors directors need to sharpen their pencil.
If the offer is derisory ... and it comes to a vote - I will put my faith in a trustee appointed formal administration process over BNB and BBIPL rather than let the banks get away with a "sweetheart" deal with the BNB management.
BNB
babcock & brown limited
