place done, page-31

There was offer of debt funding by OW. I am sure while WM can get equity he will.

Financial purists might argue equity can leverage up returns, but lately we have seen where that has got everyone. If there is any debt I am pretty certain, given the track record of CDU, there won't be a lot of it.

The word "hedging" doesn't even appear in CDU lexicon as far as I can see. So if there were to be debt the banks would have to "take a view", unless its private debt from Chinese e.g OW, but strategically why would you let your off-taker be your lender as well as equity with a seat on the Board.

Can't see any good reason to get banks involved. Not now. Treacherous bastards.