I'm with you Jack. I have about 4k shares of the e and L. It is a waiting game. Made lots on waiting out the CPP when every one thought BAC was toast. AFF and AVF both tanked, but are up over 400% once people figured out that AIG has no book value but does have the assets to pay the interest for a long time.

Was able to break even on CIT debt, but had to keep the finger on the trigger and stay up on the news.

Distressed debt/hybrid preferreds are one of the asset classes in this financial melt down not covered by the press. If it is not common stock or US Treasury bonds, the press doesn't notice. Also, not pushed by many brokers because they are the buy and hold type investments and no broker fees to trade.