bnbg, page-29

The banks will only take a loss if there has been considerable depreciation of the company assets. BNB apparently have a lot of high quality assets, so you wouldn't expect the depreciation to be too terrible. The asset sales that have been reported recently (Wind farms) actually made a profit. I can't see the banks making a loss. I can see that Note holders may not get all of their money back, but at the current price, I think the BNBGs are a good speculative buy. Shareholders are unfortunately doomed to end up with nothing at all.