Primaus72,>Out of curiousity- why are people interested in...

Primaus72,

>Out of curiousity- why are people interested in purchasing these notes at 10c/11c (when BNB are only offering 10c)?

The BNBG and BNB010 notes are held to be "worthless" because of the recent financial engineering (aka the Banker restructuring plan).

The following are the outline facts:

- BBIPL, the operating company, took a 33% impairment on the assets.

- We do not know if this is due to "mark to market" valuations - but it is extremely likely to be the case

- Despite this savage revaluation in the assets - BNB are still in a position to cover all interest payments

If BBIPL are not insolvent - then what is the issue?!?!

Well, the big problem is that due to the collapse in the shareprice banking covenants were triggered. The Banks simply refused to roll the loans and forced, onto BBIPL, an horrific restructuring plan.

Effecively:

- the Bankers have "written off" the $2.2B of corporate debt.

- instead of charging interest on this money - for tax reasons - they prefer to charge a "restructuring fee"

- this restructuring fee is at 20% pa

Wait a minute:

- Given that the Bank "restructuring plan" is intended to roll forward for 9 years; and

- Given that the existing BNB management are intended to implement the restructure

Why not just roll the loans (the risk is the same) and preserve the value of BNB to the Secured loan holders, the Subordinated debt holders and the Shareholders?

Yes, indeed, why not?

The answer is that the Bankers, who acted irresponsibly in funding the mess, are now acting irresponsibly in causing it to collapse.

ActionBBSN believes:

- There is a better way to restructure BNB/BBIPL - in a fashion that preserves value for the Noteholders

- Either the Banking Consortium will see this - or they won't

- If the Banking Consortium does not see a better way forward, then, the owners of BNB will take apart the Bankers restructuring plan piece by piece.

Trust me, we will take apart the restructuring plan.

At this point, we have completely nothing to lose. I, personally, have no appetite for waiting 9 years to be told precisely the same story. I prefer the certainty of selling the lot off for the price of staplers and used office furniture - rather than allowing the Bankers the time to unwind thing to their agenda.

Further, I think some questions need to be asked about the behavior of each of the members of the Banking consortium.

You would have to call into question the solvency of HypoVereinsBank (HPV) - given their inability to fund prime infrastructure assets.

We will get the list of the rogues in the Banking Consortium. If those on the list think their commercial reputation will remain, intact, in Australia/New Zealand due to banker greed and stupidity - they should think again.

On the other hand, it may be possible to hand out bouquets to those Bankers who tried to salvage the situation.

With help from the Administrator, we will make a list ...

There are 4500 Kiwis and 3500 Aussies ... well connected, articulate ... who will make sure that the truth will be exposed through detailed examination of the facts by an open, honest insolvency process.