BCE is this a coin flip

I believe that the Supreme Court of Canada should side with BCE against the Bond Holders and allow the deal to progress further.

Two reasons for that:

First: In take over deals, traditionally in North America companies Worked to maximize shareholder value and not pay attention to bondholders or preferred share holders. The extent of the agreement with the latter groups is to secure their principle value at maturity in return for Interest and Dividend payment, nothing else.

Second: The Supreme Court does not create law but rules on how cases relate to existing laws and corporate laws requires that companies, in a take over play, maximize value for their Shareholders.

So it should be a done deal. The fact is that the court agreed to hear the case puts it back into the toss up phase. I choose heads.