Just wondering if anyone had looked at Harrah's below par bonds, some yielding about 15%, and protecting by buying a put against CZR? CZR is selling at about 12. It looks like there is a lot of history of ownership, so it might be hard to tell how much CZR would decline in price if there was a default on Harrah's bonds. A brief note in yesterday paper said CZR is planning on selling more shares.
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