No. of Recommendations: 2

I don't envy you your decision. I hate Dutch Auctions for never feeling confident how to bid. What I'd suggest you do as a possible way to push yourself in one direction or the other is the standard thing of pulling a chart of T&S and then try to explain to yourself the underlying events which leave their footprints in the chart.

E.g., why did the 5.625'of '13 begin an uptick last Fall? What news about the company might have been the catalyst?

What's currently going on with the stock?

The shorts are massively short, which is always a worry.

But Morningstar, a far more objective rater and probably more current than the majors, doesn't seem to raise the same sort of alarms about the nearby debt as the mid-term stuff.

You're looking at a tough, tough, tough decision, whether to play the trade as you originally set it up, or to stop yourself out (which you could do by bidding at the upper-range instead of the lower one, a tactic which would be supported by T&S).

There is yet one further question you could ask yourself. How are you going to put the money back to work if you tender, and could you buy a situation (any asset-class) with the cash offering a better risk/reward relationship?

Tough, tough, tough.
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