The bondholder compensates the issuer by reducing the cost of fund. The coupon is the return the issuer pays to the bondholder. The issuer and bondholder can switch positions. Weinberg, as the principal bondholder, forced STC into Pennsylvania state court receivership. A bondholder debt to equity counteroffer was ignored. In effect, the bondholder has "swapped" its credit risk with the insurer. A debt-for-equity swap may also be called a "bondholder haircut". The bondholder receives tax credits as a way of compensating for no interest payments. He is now a bondholder of Zuffa, UFC's parent company. No trust relationship exists between the bondholder and the issuing corporation. The amount payable to the bondholder is therefore formula 1, or 6.75% over par. This is analogous to the bondholder haircut concept discussed above. The Illinois Central Railroad, a large bondholder, filed suit on June 10, 1868. In 1852 he was in Ecuador, as a new representative of a bondholder committee. Significant bondholder opposition to the plan began to emerge.