(Enumerate)
I read that in the PDS as well,
Where my interest lies is with BNBs ann, i would hope that they had a legal team checking details in all ann confirming what they said as if this info is inaccurate that could open the way for lawsuits( then knowing mgmt who knows).
The comment made regarding the insolvency was specific and didnt leave much to the imagination, So is it possible that BNB has found a way around this and are planning on sc...ng noteholders.
the other interesting point is in relation to issuing further debt instruments and moving assets around, it seems that bnb can move things around to basically take away any chance of BNBG getting any funds, there is a clause that states this should be done prior to a trigger point though. See below
"The Trust Deed does not restrict BBIPL from entering into any transaction or from acquiring and disposing of assets, entering into any borrowing, guarantee or indemnity and creating and issuing further guarantees, loans or other equity or debt securities including securities or other indebtedness ranking ahead of claims of Holders under the Guarantee, other than entering into any encumbrance in its favour from Babcock & Brown, while the moneys owing under the Guarantee are still outstanding."
and with regards to timing
Yes. For example, for so long as there is any Outstanding Interest or a Trigger Event subsists, the Dividend Restriction will apply so that Babcock & Brown cannot:
undertake any arrangement, reconstruction or reorganisation
between itself and its members or any class of them, or between itself and its creditors or any class of them, which would have a material adverse effect on the value of BBSN.
BNB
babcock & brown limited
