I wasn't aware that AFG note holders had been told that their...

I wasn't aware that AFG note holders had been told that their notes were worthless. They may well still receive some or all of their money back once the bans have taken their share - but we won't know for some time. I believe the administration process is very slow.

As for BNBG, if you are planning on waiting until you are certain that BNB will survive, don't be expecting to pick BNBGs up for $15 - 20... As soon as their is news that BNB will definitely survive (not that their will be any such news), the notes will be worth at least $100 again.

I hold BNBG as a punt. If they survive or get taken over I make a small fortune, if they go bust, I think that I'd be pretty unlucky not to get my money back down the track through the administrators. My only concern is a debt for equity swap, because I don't think bond holders would do too well.