Paul,

You ask good questions to which I don't have sure answers.

Ques. Is now a good time to buy junk? That depends on your investment strategy. E.g., Are you trading credit spreads or are you focusing on the fundamentals of specific companies?

Ques. Will FMO survive long term? I think so, but I don't really care. I am betting that, either they will pay their debts, or that a workout from a bankruptcy will return me more than I paid for the bonds. Those two events bracket my risks and returns.

Ques. Is LU now a good buy for creditors? I don't know. The whole telco sector is getting beat up (again and still), making it of interest to a value investor and I'm looking at it hard, but I haven't yet done the necessary number crunching to risk more money. [Disclaimer: I do own 10 MCOM bonds, the 13's of 10.]

Thanks for pointing out DVI. I'll take a look.

Charlie