[Porsche-O-Phile]

At first glance this sounds like a good option for me - I have a bunch of money (well, not as much as I did a few months ago :grr: ) in a former employer's 401k. Up to now I've just left it alone rather than going through the hassle of rolling it over. I'm thinking that doing an "indirect rollover" might be useful right now - it would give me some emergency liquidity if I need it within the coming 60 days and if not, I can simply put it into a fund of my choice after that time.

What do you guys think? What are the restrictions? Tax implications? If I use, say $1,000 to pay off bills and put the rest into another investment later, do I just pay the tax penalty on the $1,000? What investment vehicles are available for use to reinvest? Money markets? Currency trading? Foreign stocks & options? Or does it have to be a "conventional" 401k or Roth IRA (with their fees)?