I am back. So is SGH, page-708

Do you have any studies where Hedge Funds have invested in a company's debt to the tune of 3 times that company's entire market capitalisation and then ultimately go on for any period of time to "be happy with a smaller stake"? Or indeed where any such situation has led to major gains for existing (as distinct from future) shareholders.

Or once again are you really just trying to conflate situations that for the most part are really quite fundamentally different?

All in my humble opinion.