Opinion on  Tribune Company Exchangeable Subordinated Debentures due May 15 2029 (TXA)
Can hedge funds get the $157 redemption value?

These are Tribune bonds that trade under symbol TXA currently yielding about 5.25%.  Hedge funds own most and have declared Tribune in default because Sam Zell plans to sell the Chicago Cubs once he completes purchase of Tribune.  The value should rise should these hedge funds appear to have any success, and of course would soar should they ultimately prevail.  5.25% is not bad while waiting even if nothing happens, and downside risk mostly associated with interest rates as with any bonds.