bnbg, page-13

Good intelligent posting swap. Especially in amongst some of the m0ronic drivel that is getting posted here on BNB.

Your understanding of the functioning of these notes are similar to mine. One point I would like to add....


There may come a point (irrespective of Nov 2010 or 2015 rollover/repayment points) where, if the company survives, to remove the $600B of these notes from its debt position, it may seek some sort of scheme of arrangement whereby they try to turn these notes into equity.

I am not talking about right now. Survival is the key first. I am talking about post survival, maybe in 18-24 months time, or maybe to coincide with the rollover in Nov 2010. I would happily take a punt on some equity down the track rather than force the issue with the company on these notes. This doesn't mean I am just going to rollover and play dead, but noteholders need to appreciate they may not be dealing from a position of strength.