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"They know the equity holders don't like their deal," he said.

"The downside offers too much risk to existing equity holders," he said.

It was bank bond and equity holders that should have been punished, not the general public.

Today, they are equity holders in a public company.

As a result, these equity holders, which include Western investment funds, lost more than two-thirds of the subsidiary.

But by then many hotel properties are likely to be in other hands, as creditors become equity holders.

The firm paid $6.5 million to settle with Parmalat's equity holders.

"It's hard to figure how this will enhance the value of the equity holders," he said.

Only after having reached 90 percent of the debt," he added, "does it turn to the equity holders.

That feeling is now shared by the 1000 equity holders.