No. of Recommendations: 0
Wow, so the new offerring did get cancelled. I would hate to think the whole offerring was just a sham to begin with, to give institutional bond holders of the 3/2012's a chance to dump them before the upcoming likely default.

On another note, I did notice a lot of trades yesterday for this issue in quantities of just one bond. I'd wager at least some of those were by readers of this board, either buying or selling based on the last few posts.

Maybe the bonds will eventually pay off...who knows.

For anyone interested, these bonds are for just one property, the Silver Legacy Casino in downtown Reno. It opened up around 1993-94, I think, with a lot of fanfare. It was considered classy. There was a uniformed bell hop at the elevators that would not let your party have access unless someone could show a room key.
You can go in there any day or night and see a lot of people there. There are still near by attractions that will draw in the large bowling area complex, and U. of Nevad-Reno.

But the three much higher-end casinos which are away from downtown Reno have pulled away the more affluent spenders, that will be playing the $5.00 slots and eating at the penthouse restauraunts, instead of the 5 cent slots and eating at the buffet.

Now I'm just going from my observations. I have no idea what that property might actually be worth. Please talk to someone else or do your own research. These bonds might be a raving bargin....or not. It seems from the news that a default on March 1 is highly likely. I have no idea what they might be worth when the dust settles. But I am not buying.

But speaking of Reno, I'm going to Hot August Nights this year. It's an unbelievable collection of old classic cars parading up and down the street every night, a few free concerts in Sparks by some old Motown singers, some hi priced concerts by others, usually the Beach Boys and Four Tops, and lots of free music outside by groups you never heard of playing oldies. I highly reccommend if you have never been. And if you have enough money and want a Model A or an old T-Bird, there is a large auto auction. It used to be in just downtown Reno and Sparks, but got too big, so they now have 5 or 6 venues..Reno, Sparks, and the three hi end me, that broke it up too much. But its still a great event.
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