The difference between Origin's notes and Crowns, page-6

Ah Blackeyed,
I'm more than happy if CWNHA's go up, certainly doesn't suit me if they go down.

But, there are problems with your argument.
You really should read the prospectus.

Point 1: what percentage of Packer's wealth is 150 mill?
Point 2: " (do you honestly suggest they are going to approve something which trashes the noteholders and not the shareholders)?" I dont know, but they can. The duties of the board are firstly to their shareholders, the notes are a debt instrument, different obligations.
You might wish to look at the sections on further borrowings and preference share issues, and the ability to issue preference shares at a higher ranking to the notes.
Point 3: Can you post an example of such intervention , with the terms of the notes involved?
Point 4: Delisting requires ASX approval, but if the ordinary shareholders agree[ie they have been bought out], no problems delisting CWN
The notes have no power to influence that[unless you can point out in the prospectus something I've missed].

As far as the 2018 call date and step up, step up is 2038 perhaps?[in above mentioned prospectus].

As far as your statement on a beat-up by vested interests,it may well be true, the obvious candidates include Packer of course.
Gee, that's comforting.