again genibottle I have to direct you back to the same question...

again genibottle I have to direct you back to the same question which you are continually dodging as I suspect you do not know the answer to it....

The banks could have put BNB into administration weeks ago if they wanted it to. However, if they do this they kiss goodbye to the mgmt contracts with all of the satellites and this is worth quite a bit of money to them.

THEY KNOW THIS.

Therefore they want to restructure the notes so that these contracts can be maintained and maybe down the track sold to the satellites. They are simply kissing hundreds of millions goodbye if they do not negotiate with the bondholders.

THE BONDHOLDERS ALSO KNOW THIS.

All that is left to do is for the bondholders to negotiate with the banks as best they can and nut out a deal.

The company is techinically correct to point out that the bonds have little value due to the negative assets position that will be presented in the accounts, but they are skirting around the issue that the bondholders can wipe off the mgmt agreements if they see fit to.

Use a little bit of lateral thinking and you will see this.