More confirmation below from Moody's that Ghastly has cost everyone that listened a ton of money. I have made a small fortune on the bonds and will start accumulation of SBGI stock next week. Will easily hit $6-8 in next 3-6 months. Next year will be awesome as both political parties spend a fortune....the Democrats to retain control and the Republicans to upset the status quo or equilibrium. Should be record expenditures for a bi-annual election year. If economy starts to grow again it would be incredible. Could break $10 in 6-12 months. DaninFW

"Moody's Investors Service gave Sinclair Broadcast Group Inc. (SBGI) a three-notch upgrade out of highly speculative territory on the television-station owner's "significant improvement" in liquidity and lessened near-term default risk.

That came as Sinclair reached new financing deals of late, allowing it to pay off near-term debt, and amended terms of a marketing agreement.

As Sinclair said the marketing amendment was in the works and that it planned to repurchase up to $437.8 million of convertible notes, Moody's last month reversed itself and put Sinclair on watch for upgrade, two months after warning of a possible downgrade on concern about the possible bankruptcy of one of Sinclair's partners. Days later, Sinclair itself warned of a potential filing as the company was pressured by its debt load.

Moody's upgrade Friday was to B2, two steps above highly speculative. The ratings outlook is now stable as Sinclair "now has sufficient liquidity to manage through the advertising downturn and that Sinclair's weak" credit measurements will improve as the economy does.

Earlier Friday, Sinclair said $373.1 million of the convertible notes were tendered in the buyback.

Sinclair has 58 television stations in 35 markets. Its stock was recently down 1 cent at $3.86. The stock was as low as 85 cents in mid-July at the height of the bankruptcy concerns."