The issues in mediation and potentially before the courts are to do with the illegal payment of dividends (from BBL). The auditors and the directors are culpable in this and the liquidator is looking for 160M.

We have not heard about all the other matters raised during administration - prospectus issues, Tricom payments, etc. (all listed in the administrators report).

Meanwhile, BBIPL continues to trade and to slowly unwind assets (for the benefit of the senior debtors):

http://www.theage.com.au/business/ba...0517-v99z.html

It is only the gross unfairness of the "restructuring deal" that prevents bondholders from having a prospect of a recovery here. I have some ideas on how this "nut" can be cracked ... but this is not the forum to talk about litigation strategy

Anyway - over 600M is owed to bondholders. They have had litigation success in the US. The next step is to deal with the dividend payment issues (potential recoveries at 160M). The step beyond this ... we need to wait and see.