The bonds are being artificially raised in price as a hedge to cover the MNW bets, IMO. As someone here mentioned and as I'm many others have done, if you can get bonds below 0.5 you can effectively have a no risk bet on the possibility of Pirate default.
It doesn't protect against the possibility of MNW not paying anyone, of course.
Matthew, it seems these bets must be getting quite burdensome to handle. Do you need any partners to take in the bets in trust, nicely format them and then pass them through to you?
Thank you for the offer (and yes it was keeping me up at night), Rassah is already doing a fine job of organizing them independently to match against my sloppy records. For the record.