I think that simplifies things somewhat. There is an issue with some of the earnings - particularly those relating to fund spin outs etc. Those earnings will disappear going forward - at least in the short term.
So the question are:
1. what will earnings look like going forward without all the transaction earnings?
2. what happens with the debt and will earnings cover it?
I personally think AFG will survive but think there is a lot more ground to cover before we have clear answers to the questions above.
any news coming, page-4
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