The offer to the BBSN noteholders is completely derisory. It is such an insulting offer, a naked attempt to dupe and manipulate noteholders into abandoning their remaining rights, under an insolvency process - that I have resolved the following:
- I will not be attending the meeting.
- I will be filing my proxies instructing the meeting chairman to vote against the changes to the trust deed.
There is no point in attending when it is clear the current BNB directors have contempt for BBSN noteholders. Nothing more, nothing less.
The battle will be fought at the BNB creditors meeting.
We will have an opportunity to take control of BNB and hence BBIPL, through resolutions passed instructing the administration to take specific actions. If needs be, we will replace the administrator with someone who will execute our instructions, to the letter.
There is only one event to focus on - the creditors meeting.
Establish your debt with BBIPL - vote down any changes to the Trust deed. The Trustee will push BNB into administration to invoke the BBIPL debt guarantee.
Once BBIPL declares it is incapable of paying us ... BNB will be controlled by ex-BBSN noteholders ... then the fun begins.
BNB
babcock & brown limited
