It is about right but what we do not know is the value of PDLs which are yet to be put on payment arrangements. Hopefully based on KJ's description of the creditworthiness level these are few. But there is always a percentage who will not agree to fixed payment arrangements and quite a few of those end up being most of the eventual writeoffs. So IMO there is a value number there which we cannot calculate unless we were given the splitup of his total PDL holdings ie, those on arrangements, those in the process of being negotiated and those that cannot be forced into fixed timely payment. The wording "payment arrangements" does not seem to cover these other likely accounts.
PNC Price at posting:
57.0¢ Sentiment: None Disclosure: Not Held
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