city pac the short, page-3

Milken$, very interesting analysis. Isn't the other big issue how much money it is loaning out verse the size of its deposits. Loans out appear to be significantly more than deposits, at least 3x deposits, so my question is where is it getting the extra money to cover those loans and is that funding source at risk.

I'm also concerned about redemptions in relation to the deposit fund. One piece of bad news could spark a rush.

On the other hand, maybe CIY will increase its deposits without competition from MFS?!

I note you're a short term sell but that you Hold stock -- why are you holding if your recommending against holding it?