There are legal dangers in "negotiating" over the terms of the notes.
The notes, themselves are worthless. The only value is the BBIPL guarantee.
In law, you have to be very careful about accepting "modified" terms to the basic debt. In many situations, this lets the Guarantor "off the hook".
The ONLY acceptable deal, prior to BNB creditors meeting is a simple cash (or as near as, equivalent) payment. Anything else could compromise the BBIPL guarantee.
People need to seek advice from their legal/financial advisers to make an appropriate decision. There are some curly issues, ahead. You all need to seek advice NOW!
What are BNBSN holders going to do at the BNB Creditors meeting?
WE ARE ALL GOING TO VOTE (I hope) TO PUT BNB's SOLE SIGNIFICANT ASSET, BBIPL, INTO LIQUIDATION!!
We will deal with the Liquidator, under the terms of the BBIPL guarantee. We can expect a fair deal, in insolvency - something we cannot expect from Larkin and the Banks.
BBSN HOLDERS - have you talked to your legal/financial advisers yet? You need to get on top of issues, NOW.
BNB
babcock & brown limited
