Lisbon would still be a good base. There are many good people still there and whatever the current situation much good work HAS been done in the past. They were in profit in 2007.
As regards collateral it would be up to negotiation but if BH were to believe in the new structure there would be a way of giving them some protection. The difficulty is keeping a good thing for the new company and not showing someone else how it could be done for free and then watch them turn it round with someone elses ideas..