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But what makes sense for an institutional (or hedgie) to do in the bond market isn't what generally makes sense for us small fixed-income investors.

This brings up an interesting question. If Lasry, via his hedge fund buys up 99.9% of a specific senior bond, and we (small fixed-income investors) buy the remaining 0.1% of it, what happens in the end? When the company defaults, and he (plus us?) take the entire equity, and then begin rehabbing the company in preparation to foist it on public equity markets again, what happens to our (small investors) share?
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