Replies to post #723 on Breitburn Energy Partners LP fka BBEPQ

[lucky, mydog]

what are their bonds trading at?

they aren't.

[Congo Mining]

the bonds are at 14 cents on the dollar.

$140/$1000 face.

I bought them a while back at a cost avg. of about 8 cents on the dollar but I also had to pay accrued interest so my final cost avg. was about 12 cents on the dollar.

You would not have to pay the accrued interest when they have already defaulted so you would almost have the same cost basis as I do.

I'm trying to say...management... they could just have not sold and their stock would be worth whatever it is at the end of this process. There is a reason that they are falling all over themselves to sell as much as possible before the end of the month.

Common is the lowest on the totem pole in restructuring. in BBEP's case. there is 3 bil of notes and 1/2 billion of preferred value above the common.

I'm not the best trader. I prefer strategic distressed assets. You may need lots of patients with the bonds. They may not be the best for you because they do tend to have a wide bid/ask and they are at times very illiquid.