Post says Steinberg unloads Western Energy notes https://business.financialpost.com/2012/09/21/low-risk-in-high-yield-bonds/
WESTERN ENERGY SERVICES CORP.
7 1/8 % senior notes due 2019
The position: Recently sold.
Why don’t you like it? Like Precision Drilling (an existing holding), Western Energy provides rigs to the energy sector, but it is viewed as more risky given the debt it’s taken on through acquisitions. “The company reported a decline in their rig utilization rates last quarter, so that was a bit of a red flag for us,” Armstrong said.
Steinberg adds that they also wanted to take some chips off the table on the oil and gas side.
Potential positive: Higher energy prices.