Level 3 bonds continue to rise with rising investor confidence.

Here are today's prices (vs. 2/27/02 prices, change):

Moody S&P Qty Min Issue Coupon Maturity Yield LY Price
Caa3 CCC- 50 Level 3 Co 11.000 03-15-2008 28.939 28.939 50.687 (44.563, up 13.7%)
Caa3 CCC- 100 1 Level 3 Co 11.000 03-15-2008 26.706 26.706 54.687 (44.563, up 22.7%)
Caa3 CCC- 100 Level 3 Co 11.000 03-15-2008 29.574 29.574 49.625 (44.563, up 11.4%)
Caa3 CCC- 50 Level 3 Co 9.125 05-01-2008C 27.421 27.421 47.625 (42.500, up 12.1%)
Caa3 CCC- 230 5 Level 3 Co 9.125 05-01-2008C 27.130 27.130 48.125 (42.500, up 13.2%)
Caa3 CCC- 100 1 Level 3 Co 9.125 05-01-2008C 25.737 25.737 50.625 (42.500, up 19.1%)
Caa3 CCC- 100 Level 3 Co 9.125 05-01-2008C 28.053 28.053 46.562 (42.500, up 9.55%)
Caa3 CCC- 100 1 Level 3 Co 11.250 03-15-2010C 24.489 24.489 54.687 (44.688, up 22.4%)

Over the same period, the stock is up a bit too--3.14 to 3.90 (up 24.2%).

Progress seems painfully slow, but we are clearly moving in the right direction.

Best wishes,
Mark Hirschey