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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: cardcounter who wrote (33385)	10/5/1998 5:42:00 PM
From: Knighty Tin	Respond to of 132070

CC, The junk market has been a disaster with spreads to Treasuries more than doubling recently. Couldn't happen to a nicer group, IMHO. However, I think the flight to yield will soon stop being a flight to quality and some of these junk issues may be able to be floated to yield hungry investors without much in the way of gray matter. A way to judge the enthusiasm is to look at the premiums in the leveraged junk Closed End Fund universe. Even with the rout in junks and the stock market, many of those funds still carry premiums in the teens and even 20% area. That proves to me that there is an insatiable appetite for these things for smart packagers. Rule 144A is idiotic. It basically limits the number of buyers, which you never want to do with any security. As the mutual funds hit their bunkers, individuals may be looking for junks and they won't be looking at the 144As. Or the restricted issue convertibles. Pay the stinking registration fees and get these suckers listed. Paxson runs some awful tv stations here in Houston. Where else can you watch Gunsmoke and Have Gun Will Travel. They plan original programming soon. Is it possible for someone to do worse than UPN and WB? Perhaps. Don't know Dolphin and all I know about Samsonite is that the wheels always break off their suticases. <G> MB