spoke to bnb, page-67

>The consensus(melua, jonkey ithink) where saying that the because the agreement was with an individual entity(not sure the name) that there would be no trigger event on the BEPPA(for dilution) if BNB went into admin.

This is correct ... BNB wind-up will have no consequence for satellite management contracts.

However, the satellite management companies are all owned by BBIPL.

If BBIPL falls over due to a resolution at the BNB creditors meeting (dominated by BNBG and BNB010 ex-noteholders, who have filed for repayment of their notes, with interest) ... and, additionally this resolution calls for the receiver to liquidate all wholly owned management companies ... then the entire lot collapse like a house of cards.

Another intriguing possibility is simply to tip BBIPL over and have another creditors meeting for BBIPL. Depending on the nature of bank loan security ... the ex-BBSN unsecured creditors (this time through the BBIPL guarantee) could again be "King for a day".

Specific resolutions to tip over selected entities could be contemplated at the whim of the ex-Noteholders, with Banks and their secured loans, forced to stand by and watch - else they lose the value of their security.

This latter situation will require further analysis.

However, we BBSN holders are COMPLETELY RESOLVED to tip BBIPL over at our BNB creditors meeting. Be assured of this.