"However, there is a very real probability that things could turn out just splufty!!"
Depressing to see that this rubbish is still being peddled.
Enumerate your logic is faulty, in particular
"lower debt, more equity ... positive net equity for remaining holders!!"
is so far from the truth its laughable.
The banks are getting the equity, not the current holders. The current holders, including BNBG holders will be diluted, almost (but not quite) out of existence. What used to be a big slice of the cake will now be a few crumbs.
Perhaps I can demonstrate with a diagram ....
Before Enumerate's equity = $$$$$$$$$$$$$$$$$$$$$$$$$$$$
After D4E swap, Enumerates equity = c
Yes you will have positive equity - not very much.
BNB
babcock & brown limited
