Hi Hummerboy,
if you take a look at the latest news article on the business spectator website (See one of Enumerates recent posts for a link), you will see that the deal with the bank isn't really a debt for equity swap at all. Its basically a conversion of debt from one type to another to give BNB more flexibility to pay it back. Apparently there will be an announcement tomorrow sometime and if the proposed deal goes through, the shares and subordinate notes will resume trading again. They'll probably drop to new lows and stay there though... at least for a while.
BNB
babcock & brown limited
