Looks like someone wants to force the rating agencies to come clean and change their ratings on all this sub prim and alt A paper. That in turn forces repricing of the paper. Things could get interesting. Loaded with EEM puts and looking for a good pay off fairly soon now.
http://money.cnn.com/2007/07/05/news/economy/subprime.fortune/index.htm
http://money.cnn.com/2007/07/05/news/economy/subprime.fortune/index.htm