When? I can't give you a price, but I would put on a large chunk of the position when Greece fails. Looks like you may get the opportunity any moment, as they were unable to roll their short-term paper today. Something has to give within the next week or two at the latest.
I'm also looking at bank preferred shares. I did well with those after Lehman blew up. I'm currently holding PGF, and BAC preferred (series L).
I bought the cfc-pb during the last crisis. Ready to buy more if we get another crash. FLY at 10 is definitely on my list.(dreaming) I have a lot of cash ready for a "world is coming to an end" scenerio.