This was always going to be a win-lose situation.BNB execs,...

This was always going to be a win-lose situation.

BNB execs, under the new agreement are theoretically employed by the banks, they have shifted theyre loyalty from the shareholders to who now has the $$

I suppose that noteholders could hang on, but I suspect that BNB will try to, as stated, re-negotiate the terms of the BNB notes to something ridiculous that noteholders will never agree to, hoping that this will send BNB into admin.

Remember if BNB go into admin it could be delisted from the ASX, ie wiping out shareholders.

So in the end mgmt and the banks will say that they were ready to sit down at the round tableand come to an agreement, but noteholders did not turn up.
The funny part is that if shareholders complain about the company being delisted, losing money, etc.., theyll point the finger at the noteholders, and say "ask them.... They brought the company down"
At the end of the day either way you lose...