Re: Bonds. The bonds were sold by First Boston in a registered offering in 1994, when CLHB's stock was much higher and Clinton and Gore were expected to spend a lot of federal money cleaning up the environment. The bond issue is small and CLHB is not a household name, with no research coverage from either the equity or debt side, and no investment banking relationships. The bonds probably never trade, or only very rarely, and the market must be extremely illiquid, with a wide bid/ask spread. Investment fund holders need to get market quotes from dealers to mark their portfolios. Fidelity & Guaranty Life Insurance Co. in Baltimore is shown holding $3.5 million of the bonds. Someone could call them up and ask them where they have their bonds marked.
Re: why a bondholder might sell: bondholders don't buy bonds because the last coupon was paid, they buy because they expect the next coupon to get paid, and so on, and they expect to get paid their principal at maturity. The corporate bond market doesn't have the same pyramid scheme/greater fool market dynamic that you see in the equity market.
Re: Bond covenants. Their are no restrictions on who can own CLHB bonds. Anyone can own them. They get them by buying them. After the company sold the bonds to First Boston in 1994, it no longer had any control over who owns them. Period. Still, I doubt LES/SK or any haz waste operator owns CLHB bonds.
Re: Industry consolidation: SK has been an aggressive, albeit less than successful industry consolidator. Can anyone else fill this role? Who is a next likely acquisition candidate, beside our favorite CLHB? Can someone handicap WSTNA, DRTK, ITX, URS? Thanks.