Pretty much. I am long some Delta preferreds at $3.50 and collected my first quarterly dividend last week of 51 cents. Annual yield, 58%. Obviously a highly speculative trade, and that dividend could be suspended anytime, but so far, so good.
you werent but alot of people were. LOL delphi bonds were trading at rich prices, and nowhere near bankruptcy levels. It should have been priced for bankruptcy, or near default levels. At those rich levels, that were pricing in something good, and no bankruptcy, I suspect come monday, we will hear all about the tumoil in the hedges again. Total losses for bonds at 15-30 cents on the dollar is more then 15 billion with 21 billion or more outstanding debt, and looking at the bonds prices like I said, alot of people were blind sided on the bond side. You have to admit, if they were hedging or using any number of techniques, most of the bonds would be substantially lower, but they were priced like delphi would survive, and not only survive but thrive.
maybe GM was manipulating them cause its cheaper than having to hold the bag thru bankruptcy! for your black helicopter fans!
less sorry to hear that, I would seriously consider selling immediately. Im really surprise delta would allow that dividend to pass and not cut it to save cash. But Im guessing as they get more of their house in order they will cut it. Also delta dnt has been kicked off the nyse, are you still able to trade dnt.
??? Don't be sorry, it's a good thing. DAL received a delisting notice after friday's close because they are below the 30 day $1 per share requirement that the NYSE has. DNT hasn't be delisted.
Yup DNT was delisted on friday http://yahoo.reuters.com/financeQuo...tfh93630_2005-10-07_21-18-04_n07285610_newsml UPDATE 1-Delta Air Lines says stock, debt to be delisted Fri Oct 7, 2005 05:18 PM ET (Adds stock price, details of flight schedule) LOS ANGELES, Oct 7 (Reuters) - Delta Air Lines Inc. (DAL.N: Quote, Profile, Research) , which filed for bankruptcy protection last month, said on Friday its stock and debt will be suspended from trade on the New York Stock Exchange as of Thursday. Delta, the No. 3 U.S. airline, said its stock was being delisted because it has traded below $1 over a 30-day period. Once suspended, the shares, which closed at 85 cents, will trade over the counter, the company said. Also on Friday, Delta said it had resumed a full flight schedule, ending a two-week cutback to conserve fuel amid shortages created by Hurricanes Katrina and Rita. The hurricanes shut down several Gulf Coast refineries, leading to sharply higher jet fuel prices and concerns about spot shortages. Delta said fuel supplies in the southwestern United States had stabilized, allowing it to resume its full flight schedule starting on Saturday. Delta, which filed for bankruptcy in part because of the fuel price spike, said it has been pursuing various other conservation efforts including rerouting flights, reducing taxi times and aircraft weights.