Roughly about $30 million of Tyco International's February 2003 paper was said to have traded in the 95 range before sinking to the 93-94 context on news of Dennis Kozlowski's, indictment for tax evasion. Market players had mixed feelings about the scandal. Some say it had nothing to do with the company and that it was purely a personal matter of the former ceo, and others are worrying that the creditability issues could extend to the company as well. Calls to Mark Swartz, company executive v.p. and cfo, were not returned.
Small pieces of Adelphia Communications' Century Cable bank debt traded in the street on Wednesday, starting the day in the 88 range and then falling to 84 3/4 range after Moody's Investors Service, anticipating a bankruptcy, released a report. The report downgraded the name and several of its operating companies to reflect the recovery values of an imminent bankruptcy, the report said. Karen Chrosniak declined to comment on the Moody's report.
In other activity this week, XO Communications traded up as rumblings of Carl Icahn's interest in the paper spurred activity (see Daily Coverage).