A month ago I thought it was a greater than 50% chance they would strike a deal. Now I'm not so positive.

If the situation is coming apart quicker than expected, you can blame it on liquidity and management's inability to communicate and tell a good story.

We'd like to see Lear's bonds get cheaper before we jump in.

This isn't monumental news. But anything that helps GM's cost of funding is a good thing for the company.

This company has a long way to go. It is a marathon, not a sprint. To buy these bonds you have to be in it for the long haul. It is very possible they will trade down before they trade up.

It?s a case of the rich getting richer and the poor getting poorer.