But there is still a glimmer of hope long term.  Analysts are mixed about the end of the writedowns in the financial sector and the Fed is trying to increase long-term liquidity in credit markets at the expense of short-term inflation (in my opinion).  Here's an update on my holdings.

MCGC: Continued on a nosedive to levels I thought were never possible.  Currently trading below $10/share.  One poster at the Yahoo Finance boards said that the recent rights offering is a move to raise new capital to pay around $300M of loans that are coming due in 2Q.  I'm tempted to buy in more with my stock warrants that will be issued, but I am heavily considering selling them off to have extra cash on hand to run plays on my other two holdings.  There are also rumors flying around that the dividend may be cut this year.

DFR:  Some are saying that DFR is done.  Triarc is finalizing their spinoff of DFR so they can move forward solely as a franchisor for Arby's Restaurants.  There's speculation going on that DFR shares will drop to 0.50/share as Triarc shareholders take their new DFR shares and dump them because of their value.  I'm long on this thorugh a covered call I initiated at the beginning of the month, anticipating that their current balance sheet and cash reserve will be able to retain its value and meet margin calls.

AFN:  Still holding for the dividend long-term.  Dropped slightly on BSC news, but should rebound to the $4 range.  Speculation that AFN will lose REIT status if it sells off too much of its qualifying assets.  This dividend and the MCGC dividend for 2008 should give me around $300 this year in dividend earnings.  Entered this position on a buy-write 

It's been tough out there K-Man.   When you said MCGC took a nosedive to levels you never thought possible.  I remember thinking that myself when Starbucks hit 20.  Then again at $18.00.  Then again at $17.  Each new low brings a new gut check.  The fact is, its not at all unthinkable SBUX could go down to 15... 14... 13... 12????    I do have a target price in my head on what it would have to drop to before I give up on it and sell,  but I'm going to keep that number to myself in fear you will all think I need to be committed....  if you don't already ;)

K-man, if you want to see how low those dogs you have you can go either stick with them or better yet dump them, move on, and check the price in a month or two.  The market did not beat you!  Your beat your self by holding on, with a hope and a prayer that they would go back up.

Connfession time:  The worst lecture comes from a reformed ????  Been there, done the same thing.  Learn from your's and my mistakes.