Late last night the Quebec Court of Appeal put the kibosh on biggest buyout of all time, ruing that the sale of Bell Canada to a consortium of buyers led by the Ontario Teachers' Pension Plan is unfair to bondholders. The deal was already under pressure from lenders who were balking at providing financing, demanding tough debt covenants and high interest rates.
Andrew Willis of the Globe and Mail's Streetwise Blog points out that the Chinese walls at the investment banks working on the deal has produced a very strange result: the banks advising on the deal are the same ones who brought the lawsuit that now has placed it in peril.
Find out what happened after the jump.
