Your posting is fair, but trading while insolvent is not the angle that will land the best punches.
If you read the report, it is the introduction of debt higher up the priority than the BNBG bondholders without there be any procedure or notification process for this and also that this was not clearly highlighted in the prospectus, that is the issue that is going to land the banks and the remaining BBIPL operating company in hot water. If the lawyers get them up on this count, blood will flow.
If BBIPL don't want the blood to flow, they are going to have to come to the table and negotiate with the bondholders.
BNB
babcock & brown limited
