BNB - Babcock & Brown

drsmith · 6 February 2009

You have to give the directors 10/10 for determination.

Having reached agreement with the banks they now have to navigate the minefield of getting the noteholders to agree on a restructure of the subordinated notes.

banska bystrica · 6 February 2009

Unfortunately for BNB and BNBG holders, the "new" notes issued to the banks will have priority and whilst they are undergoing an asset sale over a period of years, the equity for existing BNB holders and BNBG holders is NIL.
BNB's model relied on doing deals and ripping fees from those deals. That scenario is dead and will be for perhaps another generation.
It is highly unlikely BNB or BNBG will ever re-list on the ASX.

M34N · 6 February 2009

banska bystrica said:
It is highly unlikely BNB or BNBG will ever re-list on the ASX.

Good, the less rubbish listed on the ASX, the better.

Many people here over the past year have posted about BNB being worthless, and that day is now here. Hopefully people can learn from this example and it never happens again. I only feel for those who held on believing it was worth something and have lost money on something that was obviously very troubled and risky.

joeyjoejoe · 7 February 2009

i was 2 seconds away from getting my entire investment back

my order was on the buy side.......i was going through the cancel screens quickly.......but a gap down of like 5 cents wiped me out and my order executed.....2 days later it was suspended for life

worst $1000 i ever spent...... would of been better of putting it on a race horse at least i would of got 1 minute of excitment

Mr_T · 7 February 2009

Phil Green is still enjoying his riches. And after a small period of guilt, is resilient enough to want to get into something else.

Question: What does it say about Australian society that it allows arrogant, deluded, lying narcissistic twats like him to get away with it all?

Here's the source:

From http://www.theaustralian.news.com.au/business/story/0,28124,25009131-30538,00.html

THE long-awaited Babcock & Brown bank deal, which will see $2 billion of its $3.5 billion in debt converted into perpetual notes, should, all going well, be finalised today.

That of course simply marks a new stage in the bank-led workout, which is already being led by McGrathNicol.

At least one of its fallen angels, Phil Green, is out and about ready to get back into anything but public company management.

Green was among the crowd in Melbourne watching the Serena Williams tennis show at the Australian Open last Saturday.

abc · 8 February 2009

"If you are interested in the BBSN's, as a holder, and want to participate in the BBSN Action Group:

1) Register a (free) gmail address at www.gmail.com; and

2) Send an introductory eMail to ActionBBSN@gmail.com

We are underway and can use any ideas or offers of help through connections.

Anonymity will be preserved.

Key tasks for the moment are contacting as many BBSN holders as possible and producing a coherent plan and approach in advance of the Noteholder meeting."

StatsMan · 12 February 2009

Thats right folks. If you hold any of the BBSN such as BNBG is Australia, then you should definitely joint the BBSN Action Group. There are a lot of very smart people amongst the holders of these notes and we have a better chance of claiming back our money if we unite than if we do not. I highly recommend that you contact "Enumerate" by emailing ActionBBSN@gmail.com

Cialis · 13 February 2009

can someone please explain to me what a subordinated note is? This 100 character limit is also quite annoying...

drsmith · 13 February 2009

Cialis said:
can someone please explain to me what a subordinated note is? This 100 character limit is also quite annoying...

This will do. 50 better than 100 but that's a discussion for elsewhere.

http://answers.yahoo.com/question/index?qid=20061120222532AArrzQV

While most likely an academic question, would noteholders who tick the repayment box on the exit notice and send it back be bound by any subsequent restructure of the notes ?

lcl999 · 14 February 2009

Will the registrar accept off market transfers? If so, I can sell what I have to my dog for a dollar and crystalise the loss.

banska bystrica · 14 February 2009

Some of the garbage being mentioned on another site:

"Oh well, they can kiss their mgmt rights goodbye then as well.

These are worth hundreds of millions to BNB, but in administration they are rendered worthless."

Hundreds of millions? Who is this person kidding? I guess BNBG holders are hoping for a miracle. The fact is there is no equity left. The banks will not get all their money back so why would unsecured lenders get a cent?

drsmith · 14 February 2009

banska bystrica said:
The fact is there is no equity left. The banks will not get all their money back so why would unsecured lenders get a cent?

I would go further and suggest that the more capital BNB can bleed out of it's satellites before/in return for their independence, the happier the banks will be.

Cialis · 19 February 2009

what does everyone thing of the revised note holder terms and conditions? it will be interesting to see how people vote on this one

Judd · 19 February 2009

From what I understand the notes, revised or not, are essentially worthless. BNB doesn't have the cash to pay them out and B&B International, the guarantor under the deed, doesn't have any money either.

Use 'em to wallpaper the smallest room in the house. Alternatively, just use them in the smallest room in the house.

Mr_T · 20 February 2009

Looks like Uncle Phil & Co have well and truly financially raped not only equity holders, but bond holders as well.

MACCA350 · 26 February 2009

Hey DrSmith, didn't realise you were on here

Well I got stuck holding a plate of 100k BNB shares
I picked them up when they hit 16c and was going to sell them off the morning after they jumped for a tidy 100% profit...........imagine my pain when I awoke to them in a trading halt

Now I'm stuck with my hand in the cookie jar

cheers

MACCA350 · 27 February 2009

Anyone notice that 1 trade of 20,000 BNB shares(valued at 8,000, so 40c each) were traded today?

What's up with that they show up on both the ASX website and through my broking software even though they are still in suspension.

cheers

sails · 27 February 2009

MACCA350 said:
Anyone notice that 1 trade of 20,000 BNB shares(valued at 8,000, so 40c each) were traded today?

What's up with that they show up on both the ASX website and through my broking software even though they are still in suspension.

cheers

Course of sales in Iress shows that 20 x 40c puts were exercised. This means someone exercised 20 of their long puts and sold 20000 BNB shares at 40c to the put seller. Really bad news for the seller if they didn't have an offsetting option and means they are obligated to buy the shares.

Option exercises/assignments usually show up just after 7am the next morning even though the trade technically goes through the day before.

Even though BNB isn't trading, the ASX have rules allowing limited trading for options. Here is the ASX notices link for BNB Feb. expiry which explains it: http://asx.com.au/products/pdf/notices/2009/Clm02109.pdf

Hope that helps

MACCA350 · 27 February 2009

That explains it then, thanks ..........thought I'd missed an opportunity to offload

cheers

drsmith · 3 March 2009

MACCA350 said:
Hey DrSmith, didn't realise you were on here

Well I got stuck holding a plate of 100k BNB shares
I picked them up when they hit 16c and was going to sell them off the morning after they jumped for a tidy 100% profit...........imagine my pain when I awoke to them in a trading halt

Now I'm stuck with my hand in the cookie jar

cheers

That's why I'm a little quiet over at the other place.

BNB's short term fate now lies in the hands of the subordinated noteholders. If there is 75%+ acceptance of the $0.10 offer for each $100 note (as opposed to administration) then there is a slight possibility the shares could trade again.

BNB - Babcock & Brown

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