enumerate what are your thoughts, page-2

1) BNB Ords

BNB is most certainly to be put into administration. The receiver will have one asset to deal with ... the BNB holding in BBIPL. BNB will likely exist in "suspended animation" until it is clear that the BBIPL wind down will result in nothing or something for BNB holders.

BNB holders could still "revolt". A special general meeting, sack the board and move into volunatary administration for BNB and BBIPL. This is unlikely to happen - the "suspended animation" gives the best prospect for getting something - with a minimal probability.

2) BNBG's

The BNBG's are still "in play".

From the announcement - considering the inevitable trigger event:

"Babcock & Brown is considering the implications of this and also apossible restructure of the subordinated notes. Any restructuring proposal relating to the notes will be subject to special resolutions to be put to holders of
the notes issued in Australia and the holders of notes issued in New Zealand and the restructuring being able to be implemented by 15 March 2009, the next interest payment date for the New Zealand notes. No assurance can be given
that a restructuring will be achievable."

So, expect to have a derisory offer by 15th of March.

Where things get interesting is considering the alternative of either no offer or a rejection of a derisory offer. The BNBG holders have a real option to ruin the bankers plan.

Under certain circumstances the BNBG holders can control the administration. This would be about the last thing the bankers want. More detailed research is required as to the options. However, I would expect some unwelcome (to the bankers) degree of control over events in in the BNBG holders hands.

I hope this threat is enough to make the bankers consider a reasonable, if not generous, restructuring deal for the BNBGs.