If the following is true."the banks will want to eventually sell...

If the following is true.

"the banks will want to eventually sell off its mgmt rights back to its satellites, but in administration these rights are null and void and become worthless.

These rights are worth quite a lot. I would suggest at a guess $1-200M at least, maybe more if the state of teh satellites improves if the market recovers over time. This will be the balancing number in negotiations with bondholders."

Then why don't the satellites make the bondholders an offer to buy them out and put BNB into admin? Cheaper than paying the management fees?

I have no investment in BNB or any satellite, so I am sure there is a reason why this cannot happen.

Symphathy to all BNB holders for the loss.