No. of Recommendations: 2

As I said earlier, the underlying desks scoff at attempts to sell odd-lots and low-ball their bids, if they bother to bid at all. Also, I don't know why that issue isn't trading. Right now, the quote line at IB is as follows:

no ask. Last is c101.250 (meaning, the bond hasn't traded today). And the bid is 85.550 x 1500k (meaning, some institutional wants a lot of them, but only at a steep discount.

In short, you're long the bond and can't get out unless/until some news event prompts buying, such as progress on how the BK will proceed and some indication the bondholders won't be totally screwed.

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