spoke to bnb, page-26

Geni, you are missing the underlying point.

BNB would have gone into administration months ago if it suited the banks to do so. Obviously it does not suit them.

Why is this?

Because the bondholders rights have the potential to interfere with the banks plans and that is not to put BNB (or whichever entity) into administration, because this would harpoon a whole lot of agreements that BNB has with its satellites.

The bondholders in effect have the ability to flush the banks mgmt fees assets that they want to sell, down the toilet. The banks know this. They want to negotiate.

The negotiation point will come somewhere between zero and the total value of the mgmt agreements.

If (say) for arguments sake these agreements where worth $200M or so and the bondholders wanted $300M or so, then the banks would tell the bondholders to take a running jump. And so the negotiation begins.

I reckon 20-30 cents will be the go. Bondholders I think are realistic that they are going to take a substantial haircut, but if I was offered (say) 10 cents a note, I would tell the banks to stick it and they can do themselves out of the mgmt agreement money as well.

This is an excellent string.