Sea Containers Ltd (fka SCRA)

[finbar99]

>>There is a possibility that the hedge funds bought to make their debt holdings more valuable

Its a good point. I've been trying to think through if it could act as some sort of hedge against something else for them, but I keep coming up rather empty on that. But your angle is possible. I recall DE Shaw doing this same thing on two occasions - I think one was Oneida and the other Boyds Bears. I guess the question then becomes do Sopris and Marathon hold debt as well. I heard yesterday that the last time the debt traded it was in the 50 to 60 cent range - which is not the best omen for shareholders. What was the carrying value of GNER on the books when it was still a running franchise - was trying to figure out yesterday how much of the currently discounted sub value is definitely up in smoke due to GNER.