It could be just a scam.
BNB creditors now are in effect in control of BNB. This is because the company was unable to redeem the notes after noteholders lodged their claims.
As a result, creditors' claims have to been fulfilled before shareholders can get paid.
The assets value might have appreicated a lot since the company's voluntry administration. However, the 20% per annual restructure fee attached to the agreement with the bankers has made the chance of having postive equity for BNB become more diamal.
Perhaps, the bankers want to exit the assets faster but also maximize the proceeds. So, they want to list the BBIPL to become a public company. Before they can do that, they have to clear BNB's ownership in the BBIPL first?
My opinions only.
BNB
babcock & brown limited
