Ann: Trading Halt, page-392

No.

The SB does not have a direct LOC, unless they take up the FCC option upfront to pay.

BIG themselves IMO are taking large upfront payments on their own invoices, which FCC have agreed to honour regardless of the end SB, so has no bearing on the SB itself as they dont have the initial LOC.

It could be that BIG generate the invoice, FCC send 80% of the ticket cash to BIG, which pays for them to get the video done, and BIG in turn continue to introduce FCC to the SB, maybe FCC then try offer a LOC larger than the video invoiced amount, and in turn BIG then get paid in full.

At that point FCC does take the risk of the SB rather than BIG, although I think the GSA covers FCC either way.

It's only my thoughts, would start to explain the high cash receipts in 1 Q.