The Central Bank's conclusion that 'all non-institutional bondholders
are considered defrauded, and there is no requirement for each of them to demonstrate having been defrauded' is indicative.
Finance Minister Michael Noonan has been under relentless pressure to burn the bondholders
as he cuts billions from the economy.
One example would be a bondholder
that bought credit-default protection on the bonds it owns.
A self-described creditor advocate, Helie proclaims a brave new world of bondholders
, bringing market forces to bear on failing developing countries like Ecuador to an extent never seen before in the long-winded decorous Latin American debt negotiations of the 1980s that ultimately gave rise to the so-called Brady bonds.
As a result of bondholder
activism, vendors may only receive a small percentage of their open account, as demonstrated by Covad Communications' plan of reorganization that proposes a pro rata payment to vendors.
Shelley, who has held meetings with area bondholders
for years, said many investors are so infuriated with the criminal justice system and so beaten down by the Keating saga that they have lost their fight.