“The Board of Babcock & Brown would like to take this opportunity to reiterate their deep regret at the loss of subordinated noteholder value. .They accept that the restructure proposal delivers little or no value to noteholders but believe that the restructure represents a better outcome for noteholders than administration. If an administrator is appointed to BNB before 15 March 2009, we do not expect there will be any return to noteholders (including those that have submitted exit notices). However, the restructure, if approved, will ensure that the continued existence of the notes does not cause BNB to be insolvent and provides the opportunity, however remote, to participate in a recovery if market conditions improve, while the offer to acquire the notes will allow certain noteholders to receive an amount, albeit negligible, for their notes.”
My reply..
Noteholders & Shareholders also regret that if BNB is put in administration then the board will be out of a job and will no longer be able to receive big bonuses & steal from the company. Which in turn will make things more transparent and hopefully out of that noteholders might receive some back, however remote. If market condition improve.
The board stab investors in the back, now it is investors time to pay back this compliment.
BNB Price at posting:
32.5¢ Sentiment: Hold Disclosure: Held