Nortel has been junk bond since 2002, so all those who currently own the Nortel bonds would not be investment-grade owners. They were long gone at the end of the tech wreck. Therefore, in terms of the cost of capital, there's no question.... If you have a car accident and there's damage to the car, there is damage to the car, but only a certain percentage of society gets into car accidents. So this is the phenomenon we're dealing with.
