Kovachev also is alleged to have put Dreier in contact with a third hedge fund about a transaction involving the promissory notes.

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The investor behind the transaction may be implementing the spread to hedge a long position in ADS shares, or may be establishing an outright bearish stance on the stock.

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"It used to be the occasional transaction, " says Wonneberger, who worked his first hedge fund-backed loan in 1997.

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The investor responsible for the transaction may be taking an outright bearish stance on the stock, or may be using the position to hedge long stock in DNKN through earnings.

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