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Your theory isn't bad. Perhaps since they are required to buy back their own paper with excess cash flow, they are incentivized to traumatize their bondholders. :) And it's working. :) This is some ugly paper we are holding.

I guess if they get down near 50% of par I have to buy some more. But short of that I'll hang on for a while. I'm most interested to see how price changes after they release next report and buy back bonds.
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