>I'd say they'd be willing to fork out $100 million to gain...

>I'd say they'd be willing to fork out $100 million to gain control, in which case maybe we are looking at $16 per note... any other thoughts?

I'd say we will get a completely derisory offer.

We need to mobilise.

It is significant that the New Zealand subordinated notes (the BNB010's) have New Zealand courts as jurisdiction. Under New Zealand Companies Law, there are some interesting questions that can be raised to defend BNB010 holder interests.

I think:

- we need to establish a body of interested BNBG and BNB010 holders. We need a register of holdings and eMail lists.

- we could setup an incorporated society, obtain power of attorney to act for the holders interest. We would then have a "block" of holders for the next step.

- we need to approach the relevant trustees.

- ideally, the trustee can be "encourged" to act.

- we need to be in a position to "engage" by the 15th of March. (the date that the NZ BNB010 interest payment is due).