We've noted that Carl Icahn--who is none too pleased with how his Realogy PIK toggle bonds were being treated--sued to stop Realogy, controlled by Apollo, from issuing more bonds that would be more secure, but worth far less.

The New York Times reports that Icahn won his suit. But it also notes the decision "probably leaves him worse off than if he had lost." The reason? The judge essentially ruled that Realogy "must ask the senior creditors for permission, which is not automatically given under the existing agreement. If they do agree, the deal can proceed." So why wouldn't the senior creditors agree, especially if they collect a fee? They will still remain senior to those who accept the deal apparently. 

For more:
- here's the story

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