Looking at the Hovnanian Investor Presentation ($HOV)

Hovnanian gave a presentation at the JPMorgan Homebuilding and Building Products Conference last week. There was a fascinating section called "Potential Liquidity Management Levers":

• Enter into model sale leasebacks
• Sell excess land
• Issue equity for cash or debt 
• Enter into additional joint ventures
• Enter into land banking deals
• Limit started unsold homes
• Delay/reduce land purchases and takedowns
• Reduce land development spending

I thought this was pretty interesting. I think the odds-on favorite is that they will continue to restructure by way of the stock-for-debt exchanges. It's pretty cool that they've been able to do those transactions, and it's great for the short stock, long bonds trade.