I would just like to note that ActionBBSN is NOT relying on the...

I would just like to note that ActionBBSN is NOT relying on the BBIPL debt to the ex-BBSN noteholders to initiate the Administration of BBIPL.

However, if BBIPL and subsidiaries fell into Administration, through some unfortunate mechanism, at this point the dominant group at the BBIPL creditors meeting would be ... ex-BBSN Noteholders.

The reason for this is that under Australian insolvency law ... you can only vote the difference between your claimed amount and your secured amount. If you vote your entire holding ... you lose your security.

The Banks would have a choice ... to remain secured ... or to join the "great unwashed" of totally unsecured, completely subordinated yet totally insubordinate Noteholders.

Any members of the Banking Consortium wishing to join ActionBBSN can send me an eMail ...