bondholders strategy

IFCA certainly rained on Stark and Harmony's party!

Just when everything seemed to be going according to the book and CMQ seemed close to liquidation, along came just the sort of investor all the years of carefully contrived negative publicity and associated low share price was supposed to have put off.

The book is real:- "Special Situation Investing: Hedging Arbitrage and Liquidation" by Michael Roth (Dow Jones-Irwin, 1983). Michael Roth is Brian Stark's business partner.

Having kicked up such a fuss wanting to have their bonds redeemed and now using whatever legal device is available to avoid accepting exactly that, is consistent with the book.

Another satisfying conclusion which can be drawn from the book is that when an alternative financier does appear the bondholder rarely wins in the end.