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BJT's management contract is not with BNB parent coy. Along with other management companies it would not be allowed by BNB bankers to go into administration and kill any fee entitlement.

It is likely BJT's separation will be concurrent with BNB unwinding of its other Japanese legal structures and this is why it could be taking some time to bed down/agree. As the BJT management team have been involved in some of the Japan based BNB administration and management outside their BJT property portfolio and I understand the ridiculously hard to obtain financial services license is not within the BJT group I would expect some entities (but hopefully non of the projects too far out of the money) to join the BJT stable as part of the split.

I would also expect significant pressure on the debt ratios from the next round of valuations given the economic state of the country.