I don't guess anyone on this board understands what call protection is on a bond. There won't be any refinancing of either bond issue until they reach their first call dates. You're nuts if you think the current bond holders are going to trade in their paper for lower yields until they have to. The par pricing on the 12% bonds isn't just because the market senses a call....there has been a scorching rally in the junk bond market in general. I'm i'll just receive more invective and tantrums from those that would rather vent than look at the facts here. The company has potential but you can't make things happen by "Wishing" for them..which is the tone of many on here.