Guys, you need to be aware of the detail.BNBG has guarantees and...

Guys, you need to be aware of the detail.

BNBG has guarantees and obligations from BNB and BBIPL. The control provisions apply to BBIPL - the operating entity, which has a separate and distinct equity structure from BNB. BNB control the majority stake - indeed, I think have increased this from the 74% detailed in the prospectus - but there are minorities in BBIPL.

Personally, I am waiting to see if the banks approach the BNBG holders with a bouquet of flowers, from the front; or a stilleto knife, from the back.

/disclosure: BNBG holder; not BNB