recently we lened the cheseake is guring outhat do with tebt maturity ll assettructure s how. the thg you neknow i this $95 stos incribly signifant to this ma e themon stocy timately prove worthless. first we know chesapea owes a lot ofeople and lot of mpies and perhaps a lot of banks. me rea some reacash. se, chesapeakeving prlems herat many mpanies thathared e e of financial dilil also be in trouble. unless thehave hugreserved the low icedil. thatas actually kind o skill operor. third, tarket is not reay rey for ese defats. they're bennto be pred . much of the bt is in high yield bond fun and if u hat heard meefore, i so. you must you must -- theris no place to beching for yield. many of the companies in the index follow which is the hyg i-ares corporate bond etf are all getting hammered. how r ranging can the pain be re? as far as major shareholders, e secondargests carl icahn. bou he bought a ton chepeak stock ck ithe ys. he a enoh bance sheethat i doubt he'uffer muchrom .98% stake. interestin intesting the way is that he is al theargest shareholder in freort with an 8.8%

we hav recognize ts market has been plued by a pair of stressed o stocks, free port mcmoran and cheseake, the two most visibleblack holes t there. chesapeake has $500 million in debt nexmonth. we hea they hired adviserso reorganize and perha fall on thatomb tting up bad chain

we hav recognize ts market has been plued by a pair of stressed o stocks, free port mcmoran and cheseake, the two most visibleblack holes t there. chesapeake has $500 million in debt nexmonth. we hea they hired adviserso reorganize and perha fall on thatomb tting up bad chain pay it outf cash on hand and e it line. also committed to paying $1 billn ebdue for next year perhaps outf asset sale they hav th have high quality aets. second freort sold a 13% stake in the copper to metal mini for $1 billion in cas at gives freeforth flexibilile to unld other assets to ruse the $ billion us debload. second black hole. momentarily filled. third positive, thhigh yield debt markeislagued by the decline inprint nd the telco company. sprint's onnnc a $4.4 4. of 2%f the mark cap. certainlthavneto decline in the company fortunes and bster ability ri at&t and t-mobile. the coon stockumped but it bout the cret side of the ledge er. i have to get it tough to you cause the stocmarket is often smallethan bond market wit comeso the direion overalof wt we are looking oil angas pipeline buness hasn cking pital