According to HyMarket, a junk bond boutique, FMO's 7 1/2's of 04 last traded @ 23 with a YTW of 75.06% [and E*Trade is showing an unrealistic offer of 39 and change.] IMHO, FMO is a dynamic company in a sector that is getting beat up and likely trading below intrinsic worth, though the stock price is underperforming its peers, which is a worry. But the huge unknown is the asbestos lawsuits and how a likely bankruptcy would work out for noteholders.[Disclaimer: I have an open position.]As to trying to move into junk now, you're right. Last year was the time to be buying. Easy Al and his rate cuts are the killing opportunities. Charlie
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