deceptive inducement, page-9

Pretty sure bondholders did not buy shares.

Firstly, if they did it was less than 5% of the company (no substantial holder notice for them). Too small a stake to affect anything.

Secondly, in receivership they will get all the assets without having to own a single share, so why would they waste money buying any?

The Melrose holding was sold on market, an extremely unusual method for transferring ownership of such a large block of shares. There was just one investment fund that bought a substantial holding. I feel certain they did the sale on market in the hope that mug punters would buy at least some of the holding, although they had enough buyers lined up to pick up any that they couldn't get rid of to the mugs.