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The trustee bank was required to register all the original bondholders and could provide the same to the General Assembly if pushed. There were between 4 and 6 original bondholders. The issues were lightly traded up till May, 2011 so a few other investors showed up after the first offering. Then the market seems to have frozen a full year before the final act.

EDC issued $50 million in bonds for RIAC in 2008. Financial projections show $70 million in revenues in 2012 against $40 million in expenses leaving a $30 million cushion for debt repayments etc. That did not happen. 2012 revenues and 2012 expenses were each about $50 million and booked loss was about $8 million. If General Assembly bolts on 38 Studios this will put great heat on RIAC.