johnwalton: the bond holders were only offered 2% of the new company
This is a lie.
MyTravel offered the bondholder 8% from the start. The bondholders did not consent to this offer so MyTravel took the legitimate alternative of asking the courts to approve a Scheme of Arrangement that did not need the consent of the bondholders. If this had been pursued to conclusion, the courts could have agreed on a reduction to only 2% for the bondholders. The weekend before the final court decision, with things not looking like they were going their way, the bondholder agreed to accept the original 8% offer out of court.
Codman: if it weren't for strongarm tactics in the courts
What sort of tactics would you use if you were in court fighting for the life of your company and the jobs of 17,000 employees?