Hi Mucho Maas, I am hoping to do the GX 7% preferred yielding 21% with cumulative rights, just a bit, and if executed, I can say to Maurice I am cutting in front of his line to put the touch on what was his money:0)
My bond friend says it is distressed and thus stay away. I do not know one way or another but believe GX will be a survivor (maybe not the common shareholder) by talking to my neighbor who is the head of a US telco in Asia. Spec size is one expensive platinum watch worth.
I am 'diversifying' with an equal spec on NTL.
On luck, yes, I will need it. I am borrowing from my Asian Financial Crisis playbook, picking up some distressed bonds and convertibles when they look horrible, and then live in fright for a few years. I tend not to do specs in fatal doses unless there is enough blood to swim in. The blood now is barely enough for a few footprints, and so, I am moving by hardly moving at all.
If my bids do not get executed, oh well, then there is always the next distressed spec. If my orders get executed, I may then turn and short the respective common shares - a kiss before the shovel style. I have not decided on the short to long proportion yet.
As usual, my trades are fairly transparent to the thread I make my home and you will get to see me win as well as fried a golden brown :0)
Chugs, Jay |
