Ann: Full Year Statutory Accounts, page-19

Yes I feel your joy. But in the scheme of things the cost of the funds are immaterial. MUS was broke and needed the cash fast. The whole delta strategy from selling direct to auction, required an immediate cash injection, so that MUS could ramp up and build mass for the auction. A successful auction gives MUS time. Time was not available a few months back. As well the other option for funds would be CR to those in the know at mates rates. Give me the CN any day in this particular situation.

I am feeling USD 42M at the end of next month. The premium on the CN. Who cares.