The shares now trade 15 percent below the offering price.

"A lot of things out there are trading below book value," she said.

Within a month, Mp3.com was trading below the $28 offering price.

The stock had been trading below book for the last decade.

The shares are trading well below their 52-week high of $33.45.

As such, they said, the notes would trade below par.

It is now trading at $24.95, still below a high of $36.87 last October.

It is still trading, however, far below its 52-week high of $37.125 reached last September.

That is probably because its shares, which reached $50 early in the year, have recently been trading below $30 a share.

These bonds are trading at well below 70% of their issue prices.