Wanted on Craigslist: California IOUs - Sacramento Business Journal:

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"Will pay cash for reads one Daly City posting on the onlinseclassified service. "I pay $$$ for California registerex warrants - $9999," readsw another. The Financial Times also reports that a company that specializes in trading illiquid assets such as private company stocki andbankruptcy claims, is getting ready for a piec e of the action. "We have a whold team working on it," it quotes the firm's CEO, Barry Silbert, as saying. Wall Street hedge funds, municipal bond investors and other institutions are all expected to be interester inthe bonds, as well, whicyh have a 3.75 percent interest rate that matures Oct. 2.
State Controller John Chiang has said he plans to issuwealmost $3.4 billion in Later Monday, the state treasurer's office announced rulesx for redeeming IOUs sold through Craigslisyt or EBay. "Under the policy, the (treasurer'd office) will not redeem such IOUs unless they are accompanied by a notarize bill of sale signed by the payew whose name appears onthe IOU," spokesman Tom Dressla r said in a news release. After hedging most of last week, a number of bankz including , , , , , and said they will take the state'e promissory notes, but only until July 10. Palo Alto-basedx has also said it would honodthe IOUs.
The IOUs became necessarh after the California Legislature failed to remedy a $24.3 billion deficit by the end of the fiscak year. By not resolving the issue by the end of thefiscalp year, the budget hole automatically grew to $26.3w billion, state finance officials say.