bnbg, page-4

Actually, as I think about it, holders of the BNBG convertibles really do not want to be converted to equity in any sort of deal as at least currently they stand to get something in a wind-up, albeit not much as they are subordinated debtholders, but it'd be more than equity holders who would probably get nil or 1cent.

If the banks are indeed going to put BNB into a 2-3 year wind-down then there will be no business at the end of it to be worth anything to shareholders but the bondholders would get paid out if the wind-down works as the banks hope.

Of course 2-3 years is a long time and the shares at the moment basically represent an option on the companies survival.

Anyway, I for one hope they survive and also as a bnbg holder i hope they leave the bonds alone.