sachz, my thoughts are that its hard to say whether this is a...

sachz, my thoughts are that its hard to say whether this is a good outcome without knowing all the details of the management agreement. Specifically, if BNB appoint administrators/receivers, does BCM have the right to terminate the management agreement at no cost? It is quite possible this is the case. A similar scenario is currently playing out with AEP and its management agreement with Allco. It may be that a better outcome is to sit tight and wait for the potential failure of the BNB parent entity (There is an article on smh.com.au today titled "Babcock Survival Hinges on Asset Sales").
I am happy to hang onto my BCM shares longer term,main reasons being that Eircom is a great asset, BCM locked in comparatively cheap long term debt funding before the credit crisis began, and BCM are sitting on a pile of cash. Thus, I would be happy to see the independent directors stare down BNB.