Thanks for the link. That article makes this intriguing point: “But you shouldn't overstate that value. The reason that Blackstone made money on its credit-def

Thanks for the link. That article makes this intriguing point: “But you shouldn't overstate that value. The reason that Blackstone made money on its credit-default swaps is not just that they were triggered by this clever maneuver. Just triggering CDS is not a big deal, because CDS pay out based on the difference between the face value of a bond and its post-default trading value.” Is the same thing going on in this new deal?