The banks want their loans back. One way of doing this is to...

The banks want their loans back. One way of doing this is to structure BNB for a takeover.

The terms of the proposed "perpetual" equity will be the key to understanding if this the the carrot the banks will be dangling to potential predators.

- the conversion of the perpetuals is the key to control BBIPL. BNB equity stake in BBIPL will likely be heavily diluted.

- purchase of the perpetuals will be a single transaction key to takeover of BBIPL and all the Babcock assets.

What would it take. Presently, if you had about $1.5B and had the lines of credit - you could have the entire shooting match. You could recapitalise by buying bank loans at 60cents on the dollar.

You know, this is not even beyond the possibility of a management buyout.

I reckon that if we get signs that Bernanke's pumping up the money supply is defeating the asset deflation ... it will be "game on" for some M&A activity around BNB. We will see soon enough if BNB ord holders would be players in this new game!