Not trying to contradict anyone. I just have lots of experience in this field. I was a high yield/distressed bond trader for 18 years and was deeply involved in WMI/WMB for several years back in 2008-2012. We traded millions of the P's, TPS, K's, UQ's and all flavors of the WMI and WMB bonds. Our main buyers were hedge funds and high net worth individuals. Sellers were the ins co's and mutual funds.