In this paper we argue a holdout is not a destructive investor behavior but a rational investment decision. This investment decision is characterized by the mean-variance approach. We investigate inter creditor conflict by diverse portfolio structure. We demonstrate that at some point during the Greek (2012) and Argentine (2005) debt restructuring programs it was reasonable for the investor to hold out. This model shows that the investment decision is based on the portfolio structure, risk aversion and expected payment of the debtor, so there is no free-rider behavior. On the contrary, the investor harms herself when playing a destructive or uncooperative strategy.