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No. of Recommendations: 2

You wrote: "And certainly, there are plenty of better places to park cash so onward..."

If you truly believe that is the case, why are you tracking Ferrellgas, hoping they turn things around? Investing in spec-grade requires a clear head and a brutal ruthlessly when the "facts" are messy, as they certainly are with Ferrellgas. 'Woulda/coulda/shoulda' doesn't spend well at the grocery store or gas pump, and 'hope' --that things will somehow work out-- is NOT a sound investment strategy.

As traders would say, "Better a missed opportunity than a realized loss."

It isn't just Ferrellgas that's in trouble financially. The whole energy complex is under stress and likely to get worse, for reasons websites that track commodities lay out. Do yourself a favor. Put trying to turn a profit on Ferrellgas's debt out of your mind, so you can look with fresh eyes at other opportunities.

Lastly, a quibble about semantics. Investing in spec-grade debt is NOT the equivalent to "parking cash". 'Cash' has a single risk, 'inflation'. Spec-grade debt adds a more devastating one, namely, 'permanent impairment of capital'. Back in the "good, old days", workouts from BKs sometimes offered decent money. In fact, once I was made whole (World Airlines) and on a couple (e.g., K-mart) I turned a profit. But by and large, in these days of company over-indebtedness, you do not want money tied up in BKs, only to end up with cents on the dollar, or nothing at all.

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