Hedge funds are powerful players in financial markets, using aggressive strategies like leverage and derivatives. They have grown rapidly in assets and influence, despite being open only to wealthy investors. This study explores how hedge funds are enforcing bondholder rights, detecting and addressing issues with bond agreements. The researchers found that increased enforcement by hedge funds can lead to changes in bond covenants and provisions, affecting both bondholders and companies. This selective enforcement can impact how bond agreements are interpreted and enforced, ultimately shaping the behavior of investors and companies in the financial market.