I would rather go BK that give in to the bondholders.

If their interest was in securing their investment that would be one thing but it appears that greed looking for more than their entitled to is behind their motives.

These bondholders have received every payment of interest so far at a 9.25 interest rate. The rate along should have told them of the risk. I'm sure many have sold their notes and the new owners are hoping for the pot of gold.

Common sense would dictate that a judge would look at what is best for everyone. The notes aren't secured and by giving them the arb claim as payment wouldn't be over compensating them.

JJ