Traders Cooperative

[See Shasta]

Joe, I read this and thought of you with CFC. Not sure if it applies directly, but the mind-set is right up your alley. The snip I copied appears at the end of the article.

http://www.smartmoney.com/mag/index.cfm?story=april2008-mutual-fund-series

SM: Why can't we try this at home?

Embler: You have to roll up your sleeves. In the case of Telewest, I had to work with creditors and management and push for our rights. Every day there are discussions and decisions — it's time-consuming. The securities are hard to buy, and even if you could, I shudder to think what you would have to pay in trading costs.

SM: Another reason?

Langerman: Volatility. Take [home-loan provider] Countrywide. While Bank of America is investing in the equity, it hasn't yet decided how the debt will be treated. So if B of A announces it won't refinance Countrywide's debt, it could sink very rapidly. Another example we don't own is Delphi,