The ending of the pari passu saga was destined to be somewhat messy, if only because it would force the court to confront the fundamental illogic of the injunction. If we accept that each holder of bonds untendered in the 2005 and 2010 exchanges has a contractual right to equal treatment, then any settlement with less than 100% participation can be blocked by holdouts, who are, after all, denied equal treatment when settling bondholders get paid. And there are further wrinkles.
