At T&T Capital Management we have invested in some high yielding bonds from Exco Resources (XCO). Exco is struggling with extremely low natural gas prices but they have some very valuable assets such as their one-half stake in TGGT, which is a pipeline company. By selling the pipeline and using the cash to pay down debt, Exco would be improving their viability as a company in a difficult environment, and ultimately boosting the value of the bonds that we own. Exco is interesting as insiders attempted to take the company private at more than double the current share price, and famed vulture investor Wilbur Ross has been buying stock aggressively. The debt is a safer way to play the rebound in natural gas prices, and even in the unlikely event that the company would go bankrupt we would be happy to own equity in a well financed restructuring.