I hope you are right. Perhaps the rumor is really just an asset sale and the bondholders need time to review the sale to give their approval. I was just looking at ETrade's bond price on the issue with maturity in 2016. Looks like a wide spread Bid 460 @ 20 v. Ask 10 @58.
So regardless of what you say about the rumor. The bonds are a steal if they get sold in the 20s range like they did earlier. I got 9 for 36cents on the dollar. My average price on the common is now 30 cents. If there is any good news, common should shoot up minimum to $2.