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I'll refrain from the arm wrestle for the moment,
but I do like my GXM bonds I bought in Jan. for
21: 4 1/2% convertible to stock in 2007 at that
strike price...the downside is BK, of course; the
upside is if the Ol'General survives to Jan '07,
w/out BK, (7 or 11), the bondholders can/may
convert to stock at that time at their choosing,
for a "put" of 25 bucks.
In the meantime, it's paying ~4 1/2% w/no coupon.
And, the GMAC sale has only helped, cash-wise,
and the mkt responded with GXM bonds going for
23 and change.
This is simply from a personal motive, "stay retired"
portfolio tweak...I have opins on their situ, but I'll
wait for the dust to clear.
No hump on the GXM, as I don't tout stocks...I just
stay retired with my port. Do your own DD.
GL,md
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