imo legal action is the way to go. what hypo has done is illegal. babcock is not insolvent, it has not gone into VA, and hypo has absolutely no right to withold babcock's money.
babcock should threaten to sue them for billions if they go down because of this. then we will see how smart the germans are.
also, if 24 banks support babcock at this stage and only 1 doesn't, then it's likely the remaining banks will chip in for the $70m, afterall what is $2.91 million to a multinational bank? that's less than some home loans.
i can see a positive resolution to this issue, but that won't stop bnb plumetting when she relists.
BNB
babcock & brown limited
