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I concur with you. I absolutely have no interest in buying the new issue whatsoever. And thanks for your insights on that area in Reno.

I am trying to definitively find this out; but basically are the proceeds from the new issue going to be utilized to pay off and get rid of the current float or is the new issue going to merely swapped out for the bonds, meaning the current existing bond holders will be getting more bonds.

That article made it sound like the first scenario above. But if that was the case, and everything was lined up, why were the bonds available yesterday when I scanned them for 5% under par with only 2 weeks til redemption? Hopefully I can definitively get an answer today.
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