RE:wildwood, share your wisdomGlad to have a regular conversation. As you know most underwriters have commitments from clients for purchases of these issues so they don't get hung with them. At times that is not the case and it is not in their best interest to " sink" the market. They have been known to hold until the market price recovers. Goldman comes to mind but can not tell you what the co was. This is a rare occurrence as they do underwrite to lose money