Black,

You're on a roll, no doubt about it, for finding yet another loser.

The current offer is 101.129 x 2 at IB. ZD is quoting 101.129 x 1. But commish would have to be added and, if called, the trade would go under water. Even if the bond matures, the real-return is an underwhelming 0.4% on an after-tax, after-inflation basis.

Those who bought Ford's debt (car division or credit arm) when it should have been bought have done well for themselves. Now, the stuff is just expensive, risky junk.

Charlie