What happens when the beneficial owners of notes seek to enforce them even though the governing indenture designates someone else as the registered “Holder”? And can an issuer avoid liability for nonpayment based on an intervening foreign law when its contract contains no force majeure provision allocating the risk of such a change in law? Those were the principal questions before the Court in BFAM Asian Opportunities Master Fund, LP v. Glory Health Indus. Ltd.