The whole thing is a shambles....(wait to you read what I have...

The whole thing is a shambles....(wait to you read what I have at the bottom of this post).

Keep writting and making your complaint clear, specific, legal (go to old posts) to ASIC, ASX, Trustee and the Compnay. Wait for the administrator to be appointed...and we can start on him.

According to what we have been told....BNB owe $3 billion and the value of their assets (eg properties, aircraft, the BBP outstanding loan) is less than the $3 billion. For this to happen, there has been a 40% writedown in the value of their assets, since June 2008. Roughly the same must apply to BBIPL, although we are second guessing, because their are no figures. Sure things are bad...but no other propery/investment group has taken such a hit in 6 months. So their assets are now worth 40% less - banks take over, with the assistance of OUR management and start charging 20% interest of the remaining loans. It is so bad....I think our efforts will meet fair resolve over time.

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Now the good bit....

According ot the company, in the financial report 31 Dec, 2006.... liabilities (ie loans, including the notes) are limited recourse. Specifically on page 11 in makes reference to the notes and the remainder of the Corporate facility...as being allocated to business segments and have recourse primarily to the SPECIFIC asset to which the borrowing relates.... and " As a consequence of the limited recourse nature of the borrowings allocated to segment assets...."

I think this is highly significant...the company say all of out notes investment is lost...yet as clear as could be possible-in no less than a financial report..says our notes contibutions was booked to specific assets within corporate.

And this from the very same paragraph:

THE CORPORATE FACILITY AND THE SUBORDINATED NOTES COMPRISE THE CORPORATE DEBT IN THE SEGMENT BALANCE SHEET

.....yet company say funds associated with notes were lend to BBIPL. They were not.

I will despatch some letters and present a copy of the draft here.