Remember the idiotic attempt to force an equity committee into the bankruptcy, led by Albert the AZ real estate lawyer and dk12065 who operated out of NYC?
I made quite a bit of money on the Trainwreck when I shorted it on its bounceback following the decline it took along with most reinsurance stocks following the 9/11/01 attacks. Covered at about $1-$2 knowing it was a gonner, then watched the idiocy that developed on the Yahoo board as people kept thinking they could get a bounce, first to $0.75 then the target became $0.25. Never reached, of course.
Then there was the sage advice offered by No_Strap_That_Damned_Us, who I eventually outted as a nutcase libertarian that was running for the post of California's insurance commissioner.
Can't say that I recall advising that the LaSalle preferreds were as worthless as the Trainwreck common -- would not make a lot of sense. I do recall telling the board that I thought the crowd in Boston was trying to steal any value available when they tendered for the preferreds at -- what was it? -- something like $1. They were the obvious winners.
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