What's the Discount, Harry?

News item:

If you expect you'll be getting a refund from California when you file your 2008 state income tax return, be prepared: you may instead receive a "registered warrant." Translation: an IOU.

California is rapidly running out of money. Blame it on the state budget deficit that continues to bleed billions of dollars from California's reserves. Facing inadequate credit to make up the difference, California's Controller John Chiang warns that by the end of February, the nation's most populous state may not be able to pay some of its debts, and instead be reduced to issuing those creditors IOUs

So...

Let's assume (ass u me) that these "warrants" will actually have a value measurable in USD.

What's your guess as to the discount? I.E., will you get 90 cents on the dollar when you sell your "warrant" for cash? 80 cents? GM-like 40 cents?

Ideally, you buy the damn things at 50 cents/dollar and Obama bails out Californicate, meaning you hit the jackpot!