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Actually, I am owning some unsecured debt of calpine. I am planning to take a tax loss ( by writing off) my entire unsecured bonds. Calpine has one of the complicated capital structures. Its myrid first and second liens, project financing leaves very little for the unsecured debt holders. The problem is significantly compounded by the hedge funds holding the secured bonds. They will not be going for realistic, just solution. They will force the company to sell the assets to pay them. In this high priced natural gas market the calpine plants will be severaly under-valued. Also the fact that so many calpine plants will be in market also not going to help. I am waiting for the unsecured bonds to quote around 10 cents on the $, then I will gamble $1000 on that. Personally I still believe the unsecured debtors may not receive anything.
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