appointment of receivers and managers, page-129

Another idea that supports this new theory.
Banco Bradesco did not attend the 1st VA creditors meeting.. highly unusual, not even a proxy!
The recent staff cuts and the CFOs efforts to placate the locals falls straight into massive pressure on Banco Bradesco, a local Brasil bank, and the Brasil Govt, whose recent efforts to promote safe and stable investing in brasil is now in tatters with this MBN fiasco.

If the good wolves can convince creditor US$50M Banco Bradesco & its Brasil CEO/Brasil Board to stay out of the VR and roll over their loan debt rather than cross collateralise it with BNYM then the good wolves sum for full payout of the CN drops from US$115M to US$48M as stated in the financials. This is a massively smaller payout to discharge BNYM & the CNs.

If they greenmail Banco and say we will sack 600 workers otherwise or put pressure on the brasil Govt to pressure their local bank to do so or give them the US$10M-US$50M junk bond they are onlending to MBN then thats another US$60M saving there.

Banco Bradescos loud absence tells me this may already be a done deal. If I had US$50M owed with a VA appointed Id have my people there with a special counsel & a lawyer like BNYM had. But a no show?

BNYM engaged a VR to protect their debt rights maybe because Banco has pulled out and the VA i seeking a discharge in full. Korda Mentha could not refuse a full discharge of the CN debt even if it was fully funded by 100% junk bond debt or by 100% equity or by a combination of both, as a cash payment receipt to a lender cannot be refused regardless of how or who funded it. Now that also would make sense from insolvency tactics i am familiar with.

Divide and conquer is a common tactic. Bancos position looks unchanged and unconcerned. Why?