Nice work rowscoe, my thoughts on the first part would have been...

Nice work rowscoe, my thoughts on the first part would have been that the banks would have had to pay any accrued interest before doing anything else but the main point being the Notes themselves has been identified in your last post so it would seem that if the banks let BNB survive then it will be looking very good for BNBG holders.

I also think that it isnt really a big price to pay in the scheme of things to pay out the notes in order to let the company continue as this will give the banks a better chance of retrieving more of their debt i would think.

The other possibility is that the banks are looking at a way to let the company continue without D2E or at least with a D2E swap that doesnt effectively change control and then allows the banks the ability to avoid BNBG having a need to be converted/repaid.