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Craig:

You may or may not recall the following previous fiscal crisis, or defaulted bond disasters:
Orange County Ca.,RJ Reynolds and Nabisco,Nassau County NY, Texaco vs Penzoil, Chrysler Corporation, WT Grant and the famous NYC financial crisis. Not too long ago, Moodys and S&P sure gave great ratings to some Asian corporations and then the rug was pulled out and then some of these companies were in very deep trouble. Of course after trouble brewed, Moodys & S&P qickly re-issued new revised ratings and they were quite bad and "suddenly" non-investment rated! Some folks were then stuck with junk bonds!

There is also a "Defaulted Bond" newsletter that lists some very sad bond horror stories.

I will check out the URL and post if for you and other folks who may be interested. It is expensive for a yearly subscription (I think around $300 or so) but it may well worth the price if one was "about to buy" a bond from one of the companies listed!

I hope someone will respond to my previous post on how and what due dillegence one should carefully do to really confirm that a coprpration is absolutely "fiscally sound" and what speadsheet data should be thoroughly screened and checked out!

Regards,

RB
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