guys, another thing worth considering is what assets or cash on...

guys, another thing worth considering is what assets or cash on hand does bnb have?

if we put bnb into administration, presumably all of its assets will be sold to pay back our debt.

if you look at bnb's 2007 annual report, you will see babcock had assets of $2.5bn and only $600m of debt, which is entirely subordinated note debt.

now presumably we would have first dibs on those assets because the corporate facility is lent by bbipl and not bnb, and the banks have recourse to bbipl's assets.

so assuming bnb doesn't do anything dodgy and shift its assets off balance sheet to bbipl, leaving only the bnb debt, id say we're in a good position

any thoughts?