Despite the headline, ACAS doesn't suddenly owe hundreds of millions to "defaulted" unsecured creditors. In exchange for an agreement to pay default interest rates, retroactive to March 30, 2009, ACAS gets agreement not to institute involuntary bankruptcy proceedings or other unhappy consequences.
ACAS has things to do with its recently-acquired cash. Curiously, some of the notes involved in the non-acceleration deal were due to mature in two days -- but presumably will entitle holders to the bonus interest.
So, how is confidence in ACAS' management on the street? For what it's worth, Zacks just ranked AGNC as a "#1" or "strong buy". With jobless claims falling and the economy ostensibly in recovery, might things be looking up for ACAS' diverse portfolio of businesses?
Let's see the operating income.