RE:TakeoverI think Contrarian already posted the "Cuban poison pill" which shows the difficulty of taking over the Company without the Cubans being a willing participant. IMO this is exactly why the boldholder reorganization didn't result in the usual capital structure shuffle to the detriment of the common shareholders and the bondholders ending up owning most of the Company. The Cubans were not receptive to a change in ownership with unknown capitalists (the bondholders) as new partners. Another point already made is that in this unique situation the bondholders are actually structurally subordinate to the shareholders - pretty unusual.