Bastard Bonds Guide __full__ -

You are reliant on the "Litigation Trustee." If that trustee is lazy or takes a $2 million salary while working 5 hours a week, your recovery evaporates. You must vet the trustee as if you are hiring them yourself.

The Ultimate Bastard Bonds Survival Guide: Escape, Recruit, and Conquer bastard bonds guide

: Always keep someone with high Thwart or Utility stats. You'll need them to pick locks, disarm mechanisms, and clear challenges like the one at Cliffside Path (which requires a rope and a successful Thwart check to unlock the eastern map). You are reliant on the "Litigation Trustee

Institutional funds like pension plans are legally prohibited from holding these securities (their charters require “investment grade” or even just “performing” assets). Consequently, when a bond becomes a bastard, institutions dump them at pennies on the dollar, creating a liquidity vacuum. You'll need them to pick locks, disarm mechanisms,

The issuing company has filed for Chapter 11 bankruptcy, is in liquidation, or has emerged from bankruptcy with a capital structure so complex that the bond’s legal standing is ambiguous. These bonds often stop paying interest (defaulted coupons) but still trade on the pink sheets or OTC markets.

This is the heart of the . You do not value these bonds like normal bonds. You value them like lottery tickets where you control the math.