The SiLAS 2010 conference featured lively discussion of the role of trustees in Latin American transactions. In Mexico, especially, it almost seemed as if trustees were out to lunch while flows were diverted from Metrofinanciera's bridge loans deals, which inevitably led to distress.

Boris Otto, a partner at Chadbourne & Parke Mexico, argued that there is not an "adequate mechanism" for bondholders to identify each other when a deal begins to unravel.

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