No. of Recommendations: 1
aj485,

You wrote, Apparently, the people buying the bonds at 75 are pretty certain that bondholders will be able to extract at least an extra 18% or so.

I wouldn't be surprised if they got that additional 18% through a combination of shopping the company and/or litigation against the parent.

When I saw that article, I figured an up-side from here was less likely than the down-side and the down-side had further to fall than the up-side had to gain. That's why I sold the rest of my position last week.

- Joel
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