Whilst I am still very unhappy about the current SP and a CR at...

Whilst I am still very unhappy about the current SP and a CR at such low price I do see some distinct advantages with the purchase of this new portfolio. This one happens to be a performing portfolio which will mean that the costs and time of negotiation are taken out of the equation. Admittedly PNC has paid a premium above the normal discount which comes with the purchase of non-performing PDPs but it appears on the face of it to be a fair discount for a much better credit risk. If these are relatively short term arrangements the CR might be viewed a better proposition. Hopefully shareholders will see the value although they are not being asked for much and if it does not fully subscribe it would not be the end of the world for PNC.