I got that exactly the wrong way around
"Well look at the difference in non-recourse versus recourse debt between July 2007 and December 2007. Recourse debt reduces and non recourse increases. The exact definitions of these things can be interpreted. Auditors signed off on both. "
In fact recourse (claim to the holding company assets) debt increased and non-recourse (asset specific debt) decreased. My point is the same.
research note on afgha, page-25
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