So where does the future hold for Angel
Trains’ owner Babcock & Brown? Judging by the decision last
month to vote against restructuring its New Zealand-listed arm and
instead throw it into the arms of an administrator, not much.

Focus at the embattled company has been on the
funds which it manages. These include its Babcock & Brown
European Infrastructure Fund (BBEIF) within which is contained
Angel Trains and BBAir. These will be sold off over the next two to
three years. Babcock & Brown International Pty Ltd (BBIPL), the
main asset owning entity of the Babcock Group, remains in
place.

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Regarding the assets Babcock has equity in,
last month a press officer confirmed that Babcock had held equity
in Angel Trains, but had sold this “to the fund”. By this it is
probable he meant BBEIF. This contradicts other sources which said
Babcock is an investor in this fund and therefore “its liquidators
will want to recoup this”. Meanwhile, it is business as usual at
CBRail, according to the company. Also, equity Babcock holds in
aircraft leases are part of BBIPL and have been ring-fenced from
the administration.

Either way, for a company that is so complex,
it is bizarre that last month it decided to remove from its website
its organisation structure.

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