Took me ages to get back to this. Blackeyed, a lot of what you...

Took me ages to get back to this.
Blackeyed, a lot of what you have said up there is incorrect, and suggests that you either haven't read, the notes prospectus.
One important thing that needs to be understood.
The board of Crown, either pre or post privatisation has minimal duty towards the notes.
Let's look at your specific points.
1 Packer has to make an offer to purchase the remaining script AND outline the arrangements for the outstanding debt including noteholders to the Board of Crown. Everything after AND , no he doesn't
He cannot issue any preference shares at this point. Quite true, but who cares about then? How about after privatisation?
2 The Board has to approve the scheme of arrangement. True, which they can, and their primary obligation is to the ords.
3 The Shareholders have to vote on the offer and 90% acceptances have to be obtained. Quite true, and how is this a protection for note holders?
3 ASIC and the Court also have to approve the scheme of arrangement. Yes, and they will, as long as all legal obligations are taken care of. Read the prospectus and see how thin those obligations might be to the notes.
4 After all these steps have been completed then the privatisation can proceed. Again true, but a lot easier if parts of the steps you have included which I believe are incorrect are included.

As far as the "short" statement, oh please, get a grip.
My interest?
Better than half of what I own is in debt instruments, you can bet I have an interest in all the ones I own , and all I don't, as relative values play a significant role in this space.

And just to finish off, why am I back? I think the risk of privatisation has waned.
The debt/interest/ebitda ratios are getting a little close, especially for the redemption time [when they lose their equity discount], but looking like a buy again.