Ah Blackeyed, I'm more than happy if CWNHA's go up, certainly...

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.