Water is still good- R U thinking of jumping in? as you said bonds are about 6 cents on the dollar, pfds are less than 1 cent on the dollar with 8% cumulative. heck one payment of PIK and you have 8x. "if" the company survives this will be an extremly good payout. Prem Watsa would do pretty goood with his commons should this workout. I would not be surprised if he was buying Bonds. mkt cap for pfds probably too small a pond for him only 4 million shares out there.
Just think how well he would do if they this debt restructure happens! Added more pfd today. I posted a response earlier then realized it was on the common board, so i quickly edited it.
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