Wanted on Craigslist: California IOUs - Sacramento Business Journal:

http://freeonedirectory.com/index.php?s=D&c=489
"Will pay cash for California/IOUs" reads one Daly City posting on the onlinwclassified service. "I pay $$$ for California registereed warrants - $9999," readsd another. The Financial Times also reports that a company that specializes in tradingg illiquid assets such as private company stock andbankruptcy claims, is gettingf ready for a piece of the action. "We have a whole team working on it quotesthe firm's CEO, Barryy Silbert, as saying. Wall Street hedge funds, municipal bond investords and other institutions are all expected to be interestecd inthe bonds, as which have a 3.75 percentf interest rate that matures Oct. 2.
State Controlletr John Chiang has said he plans to issuealmost $3.4 billiom in IOUs. Later Monday, the state treasurer's office announced ruleds for redeeming IOUs sold througjh Craigslistor EBay. "Under the policy, the (treasurer'e office) will not redeem such IOUs unlesws they are accompanied by a notarized bill of sale signed by the payeee whose name appears onthe IOU," spokesman Tom Dresslar said in a news After hedging most of last a number of banks including , , , , , and said they will take the state'ss promissory notes, but only until July 10.
Palo Alto-basedx has also said it would honor the The IOUs became necessary after the California Legislaturer failed to remedya $24.3 billion deficity by the end of the fiscal By not resolving the issue by the end of the fiscao year, the budget hole automatically grew to $26.3 state finance officials say.