well 42% is yield to maturity for 3 year paper, not a % of if they default, nice try though. more importantly, BONT has bought back at least $30 million face around 60 cents on the dollar so far (yes public info)...there is now $470 million outstanding and about $500 million in bank debt senior. sounds scary right? well it is, but keep in mind they have over $500 million in available borrowings now, and thats up actually. they just guided lower for 2011 for ebitda BUT still CF positive. look for the company to keep buying bonds down here. maybe the stock is a buy but the bonds are cheap and alot safer for now.