付款给顽固的债券持有人不仅丢面子，还有可能引发跟风诉讼；不付款相当于技术违约，并要承担一切由此造成的后果。
Paying the recalcitrant bondholders would mean losing face and possibly triggering a salvo of copycat lawsuits; not paying would mean technical default and all of its attendant costs.