Greek English Law Bonds

We have not yet seen anyone file a lawsuit on behalf of holders of English law bonds, but they may fight that they have been “subordinated” and have experienced an Event of Default because they are no longer “pari passu” with all bondholders.  It would basically be the same argument that ISDA had to consider, but the fact process is different.  It would be arguing that a “Restructuring Credit Event” has occurred, it would argue that the “pari passu” covenant has been breached.  It would be specific to English law bonds with that covenant.  My guess is that suit would also lose, but has a better chance of winning because of the bond prospectus.  It would be more expensive because it would be a real law suit as opposed to asking a “determination committee” to rule, and would have to be brought by holders of the English law bonds (which once you take away the central bank holdings, and those bonds owned by banks, it is a fairly small amount of bonds that could even try to drive the process).