Finova Group is the name of the day as the $6 billion bailout proposal by Leucadia National Corp. and Berkshire Hathaway has sparked a flurry of trades and pushed prices up to the mid-80s. Things could get even more interesting as one trader said he is not ready to count out the bid for control by General Electric Capital Corp. and Goldman Sachs. In other distressed trading news, A $10 million piece of Warnaco traded at 43.
In par land, VoiceStream Wireless' "B" tranche traded at 99 1/2, with dealers touting levels as cheap in comparison to the bonds. A $10-20 million piece of Young Broadcasting's bank debt traded at 101 on news of a rumored bond deal which would pay down the bank debt.