Singapore Inc. to short sellers: Back off. Olam’s bonds-and-rights salvo aims the full financial firepower of Temasek, the state investment agency and Olam’s second-largest shareholder, against Muddy Waters, the commodity trader’s vocal critic.

The deal’s complexity is headache-inducing and looks like the outcome of an investment bankers’ off-site team-building exercise. “Okay team, you have one hour to come up with a deal that hurts shorts, sidesteps acknowledging their point about our capital position, and raises substantial cash without freaking out bond markets or upsetting shareholders. Go!”