VOR, my understanding of the vague RBS proposals is that they...

VOR, my understanding of the vague RBS proposals is that they are basically offering to replace all of the corporate debt with their own corporate debt - at expensive rates.

Business otherwise proceeds as currently.

Too little too late IMHO - if they were serious they would have launched a counter offer a couple of weeks ago. If the offer was clearly superior, why not make the details public?

Still, if they are the BEPPA buyer over the last few weeks, then they have the votes to stop the BAM deal - All will be revealed on Monday.