For all the media ink spilled lately, you'd think the ongoing fight in Hong Kong between severely-troubled Hong Kong-listed Chinese real estate developer Kaisa Group (OTC:KAISY) and its creditors was the biggest, nastiest, and most portentous blood feud the capital markets have ever seen. It's none of that. It's a reasonably small deal ($2.5 billion in total Hong Kong bond debt that may prove worthless) involving a Chinese company of no great significance and a group of unnamed bondholders who are screaming bloody murder about being asked to take a 50% haircut on the face value of the bonds. The creditors have brought in high-priced legal talent to argue their case, both in court and in the media. Methinks they doth protest too much. Read more