The information about how ex-BBSN noteholder debt, in BBIPL, is...

The information about how ex-BBSN noteholder debt, in BBIPL, is subordinated to the banker debt ... is not new news. This fact is mentioned in the prospectus "trust deed".

What is highly interesting is this:

"... subordinated to rights of BBIPLs bankers (which also have security over all of BBIPL's assets). The subordination arrangements were disclosed at the time of issue of the Notes."

The subordination was mentioned ... but the securitisation WAS NOT.

THIS IS VERY GOOD NEWS. Again, at a BBIPL creditors meeting - the unsecured creditors (ex-BBSN guarantee debtholders) can vote the full value of their debt - the secured holders - all the bank assets - cannot. If they do vote the full value - they lose their security.

We can be "King for a day" at the BBIPL creditors meeting, as well!!