For whatever reason the absurd Bell Potter scenario is a total...

For whatever reason the absurd Bell Potter scenario is a total furphy.

Firstly State Governments whose agreements with Crown would also contain capacity to pay provisions would not agree to a highly leveraged takeover which breached the debt ratio covenants in the notes.

Secondly the independent directors of Crown have a fiduciary duty to BOTH the shareholders and the note holders. If they were to approve a takeover which left the noteholders without either capital or repayments ATSIC would be down on them like a ton or bricks.

Thirdly ATSIC would not approve a takeover where the shareholders benefited at the expense of noteholders.

Fourthly James Packer's reputation would be trashed in the process making it very difficult to do deals in future.

It won't happen. Don't sell you will be redeemed at full price in 2018 or 2021.

Somebody is shaking the trees and accumulating the debt at substantially discounted capital value.