liquidation of bbipl

The BBSN noteholders (BNBG and BNB010) have one chance to liquidate BBIPL.

It is almost certain that BNB, itself, will go into administration. Even the company views this as inevitable.

BNB has only one asset to satisfy the BBSN holders, as they become BNB creditors by filing there Exit notices demanding repayment. This asset is BBIPL.

The bankers want to keep BBIPL in suspended animation for up to 9 years. They intend to wind down the assets and accumulate massive fees in terms of the 20% pa "restructuring fee". It is difficult to see how there is any value for BNB in this, or for BBSN noteholders, who will become BBIPL creditors with the wind up of BNB (the BBIPL guarantee).

(Read my BBSN FAQ to full understand the above, if it does not make sense),

BBSN noteholders will be a large block of creditors at the BNB creditor meeting.

The very first task for this meeting is:

A resolution to the appointed receiver to put BNB's largest asset (BBIPL) into liquidation.

No more 20% restructuring fee, no more bonus payments to BNB senior managers, no waiting 9 years for the inevitable "dear John" letter.

Of course the Banking Consortium can expect massive impairments on loans - management fees stop, from the satellites; development projects get sold off to recover the value of desks and staplers. Chaos will reign.

I am personally resolved to vote my BBSN debt, at the BNB creditors meeting, to liquidate BBIPL. I hope to convince as many noteholders as possible to support this resolution.

Once BNB liquidated, BBSN holders, under the BBIPL guarantee become BBIPL debtors. However, it would appear that they cannot vote to put BBIPL into administration, as debtors.

There is ONE chance to liquidate BBIPL - that is at the BNB creditors meeting.

BBSN holders need to consider this very carefully. Consult your legal/financial advisers. If you are a holder - you need to be on the top of your game to make the right decision, for you.