PHK, along with PTY and PCN, were all brutally traded down recently too their Nov. level or even lower. The reasons behind this is they now suspended dividend paying, at least for now due to the auction rate stuff (?, preferred shares, I have no idea). Junk bond is not qualified as a buy and hold class, in my opinion. You have to trade that. There are some well known techniques by Merriam or Appel (?).

validfi.com tracks some of these strategies (look at their so called fixed income strategies). You get much better return using the timing trading without being slaughtered.

my 2 cents.