interesting post.
others have asked similar question (s),
my naive observations of the alleged 'underbelly' that
some allege NIR takes all/some 'blame' for^^
^^ a Note/Bond deal with NIR produces a never ending toxic extremely slippery, unable to shake out under any circumstance, In other words_ A Gorilla short seller that never trades anything 'hedged' in the actual 'known' market trading, amusingly, the hedged position only reveals itself when NIR has conversion from its Notes or gets the alleged hedge position get its balls squeezed off!
So what exactly would happen to the Issuers?