trading insolvent implications for noteholders, page-3

its the guarantee from bbipl that is the issue here. a copy used to be available on the BNB website - not sure if its still up there or not. Issue is that the guarantee says that the bnb notes are subordinate to all other senior claims and can't be called upon until all other claims on bbipl have been paid in full. the question i believe is wether the banks and bnb directors and bbipl have acted in good faith and havn't favoured one set of creditors over another and even worse for their own gain.....we'll see. the administrators time is nearly up to report so we should be hearing something soon