It?s a case of the rich getting richer and the poor getting poorer.

If the situation is coming apart quicker than expected, you can blame it on liquidity and management's inability to communicate and tell a good story.

We'd like to see Lear's bonds get cheaper before we jump in.

This isn't monumental news. But anything that helps GM's cost of funding is a good thing for the company.

This company has a long way to go. It is a marathon, not a sprint. To buy these bonds you have to be in it for the long haul. It is very possible they will trade down before they trade up.

So far they haven't been able to see a strong sense of urgency. It's a little here and a little there. It's not the sweeping kind of change that this company needs.