Tokyo Picker

Ignore Detroit's Bondholders' Whines

I am looking at XGM - $25 GM senior note trading at $2.03, so you can buy $1,000 for $81.20. If the exchange goes through you get 225 shares in exchange.

Then you can buy a Sept $1 put for $0.55, making your shates worth $101.25.

I guess this shows the market thinks the exchange is not going through.