BNB010 Babcock & Brown Notes 9.01%

[Contrarian]

Gidday

NZD 225,000,000 & AUD 265,800,00 is at risk here, B&B management are trying to do a deal whereby the debt holders don't get their money back, Management continue to get paid & the company does not go into liquidation, to benefit of the banking consortium.

Enumerate is working hard on holders behalf, Join his action group by giving him details of your holdings BNB010, NZ$ or BNBG A$

15 March B&B will default on the interest payment to BNB010,

Enumerate's email address is
ActionBBSN@gmail.com

[Lawso]

Thanks, Contrarian. I have 10k in BNB010 and have emailed Enumerate offering support.

[Contrarian]

Hi
Enumerate is going full steam getting our point across.
The trigger event has happened, & the unthinkable at the time of prospectus issue is now reality.

Any questions please ask...

[Cowl]

Hi,

Just to clarify a couple of points;

The SPARC Securities (BBN010) were issued by BBI Networks (NZ) LTD (formerly Prime Networks (NZ) LTD), which is a wholly owned subsidiary of Babcock and Brown Infrastructure Pty LTD (BBI, formerly Prime Infrastructure Pty LTD).


As reported to the market on 26/1/09, SPARCS interest is due to be paid 17th February 2009.


Disc: I am employed by a subsidiary of BBI

[Contrarian]

Hi Cowl

I am on about BNB010 NOT BBN010

I have not made reference to BBI, Only to BNB, Babcock & Brown

So , with respect you have not clarified anything.

[Cowl]

15 March B&B will default on the interest payment to BNB010, SPARCS

I was referring to this comment where you have indicated that SPARCS interest will be defaulted on.

[Contrarian]

Hi Cowl
I got my acronyms & facts wrong, BBN010 are SPARCS & BNB010/BBSN2 are USCR, (amongst other things)

Sorry for my error. I have edited & am 99% sure i've got the first post right,now.

[Contrarian]

Gidday

The current thinking is that B&B want us to let the banks (The bigger mugs than I,who force fed these guys billions of dollars of easy credit) get 20% interest pa, which won't happen, But as the banks won't get their 20%pa, there definitely won't be anything left for the 2nd mortgagor (Note Holders) Our NZD 400,000,000+ gets dissolved.

Looks bad for us as we don't get anything..... However we have a poison pill we can make them eat, It's called liquidation.. The banks loose their control of their billions of dollars of debt, B&B loose valuable 25 year management contracts, we loose, but we were going to loose anyway.

These infrastructure assets return single figures so the 20% pa compounding deal is really cynical.. but I'm starting to repeat myself..

Unless we get satisfaction we pull the pin on the whole show.

Enumerate is on Hotcopper stirring up action over there, the ocker notes total value are about 3 times the BNB010

[Contrarian]

Gidday

NBR Article..

http://www.nbr.co.nz/article/babcock...uarantee-54014

[Contrarian]

Gidday
So they will give us $50 per $50,000 of debt, to ensure they can rock on & the banks assets are not tainted with "in Liquidation" effect on for sale prices. No thanks, I am not inclined to muck in for your benefit.

NZ holders should disregard the bit about crystalising losses for tax, that only applies to the Australian tax system. Kiwis can either not claim the loss, or just use BNB valuation, of a loss of capital at 99.999% if they are a trader & pay taxes on share gains etc.
If there is no market or value, you could reasonably use the last offer, theirs, as valuation.

So I feel you should, Urgently lodge Exit notice & vote against the self serving face saving proposal that they have put forward.

Again one tenth of 1 cent is a joke for $1 of debt, I'd rather watch the bonfire burn.

PS. I'm not a tax expert, DYOR