margins triggering, page-8

Michael,

The panic that occured on Thursday and Friday for BBP had little to do with the 2.7, the market was informed that this was on track and as we found out on the friday that 9 of the 11 banks had agreed so the risk on the 2.7 was very low....the collapse had much more to do with the suprise requirement of an additional $300m and no real plan to get hold of it.

Now this has become BnB's problem...good for BBP, not so good for BnB. Having said this, if BBP borrow the $300m from BnB the will pay through the nose for the money don't you worry about that!!