Banking Syndicate Approval - What has changed since?, page-20

I was extrapolating your comments Jim, not quoting you.

Your initial comments suggested:

#1 the banks want to be repaid and reduce exposure

So if banks have a chance to be paid cash (arrangement fee), and reduce (not increase exposure), why would they elect to take equity?

Not such a stretch to suggest "in your scenario, the banks must have thought S&G didn't have enough cash to pay the total arrangement." Because they want to reduce exposure no?

You've also said:

#2 I think the banks are feeling more confident they will be paid back with interest

Which one is it?