I just feel that there is not enough money to go around, and...

I just feel that there is not enough money to go around, and whatever happens the 600m the note holders are owed is just too much.

As assets are sold off, no doubt below book value, and senior debt repaid on top of the recourse debt, it will become more clear that less and less money will be available to note holders.

The primary reason is that banks are allowing BNB to administer themselves and sell themselves down, as opposed to hiring external administrators.

Either way I would be highly surprised if in a couple of years BNB still exists.

In their annual report in June they have a paltry 2b of equity, now they have negative and as time goes forward that's unlikely to change.

On top of that, I am willing to bet that banks will stop distributions to BNBG holders as part of this orderly wind-down.

Basically, no money will be left ever to go to BNBG holders, unless the next asset bubble begins in earnest next week.

Just being mindful of the facts. I'm a massive holder so not trying to downramp either.