So much for the "debt for equity" line ...There is no attempt to...

So much for the "debt for equity" line ...

There is no attempt to recapitalise. This deal is the worst possible outcome for shareholders ... and the best possible outcome for management.

This deal accepts as an assumption - zero value for BNB ord holders. Ord holders are herded into a corner by directors and invited to watch the banks supervise a liquidation.

BNB Ord holders would have more chance of a better outcome in a proper insolvency process.

In hindsight - the board should have been sacked at the point they released the zero value for equityholders market release.

At the time - first reaction was "they are raising the white flag". I felt sure that there must be some "negotiating position" being worked out through public "theatre". However, they were raising the white flag to surrender.

They should have been dismissed at a special general meeting.

Even now, if I were a shareholder, I would be calling for a special general meeting to get rid of these toads.

Get a new board with a mandate to pull the pin on BBIPL ...

At least then discontented shareholders will have full and fair access to company records to understand how bad deals and bad assets could be so richly rewarded in terms of executive bonus payments.

As it stands, the banks have "bought off" the team - to wind up everything the shareholders richly paid them to build up.