Bond holdout provisions ‘could be challenged as oppression'
New collective action clause provisions that aggregate voting across all series of bond issuances, requiring a much larger stake in order to achieve holdout, could be challenged as an oppression of a minority, say lawyers
Activism continues to be used as a tool – either defensive or offensive – by certain hedge funds where investments have been deployed in layers of the capital structure other than equity.
Active ‘loan to own' strategies continue to be used by those funds that have positioned themselves to take advantage of opportunities as they arise. Most funds look to turn around and trade positions at higher values but do not actively, nor are they set up to
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