The difference between Origin's notes and Crowns, page-5

This is becoming really really tiresome.

1 James Packer owns $150m worth of notes is he going to trash his own investment?
2 Privatisation can only occur with the approval of the full Board of Crown and the Board has a fiduciary duty to BOTH the shareholders and the noteholders (do you honestly suggest they are going to approve something which trashes the noteholders and not the shareholders)?
3 ASIC has previously intervened to stop an takeover situation where the noteholders would be disadvantaged vis a vis the shareholders.
4. James Packer taking over does not constitute a change of control event- he cannot delist them without ASIC and ASX consent and one would suggest they will want majority agreement of noteholders.

Its a complete furphy, a betup, by vested interests trying to drive the price of the notes down. So with rates increasing at the first call date in 2018 (which they will be) the debt becomes expensive, what do you think will happen?