I might be willing to buy about $1000 in face value for 5 cents on the dollar. Even with a round of hefty inflation, they should still be worth a little more than that in a few years.
If the banks did take them, I wonder how the regulators would make them account for them on the books.
Great point about accounting for them on their books. Obvious but I did not think about it. What a joke. They have a bank audit and bank is holding $300 million in IOUs were are uesless.
I mean if anyone thought CA was anywhere near solvency they could have gone back to the bond market as they always had to paper over the problem. I am not sure if the credit market is frozen but I heard it almost is.
Banks are cutting consumer lines of credit unless people have stellar credit.