It is interesting to look at the cashflow statement to March and try to interpret what is happening.
Over the last quarter PNC recovered a net $13m (Debt collection receipts less operating costs )
Rather than repaying some of the outstanding loans with this $13m they seem to have purchased new debts for around $14m..
This doesn't appear to be a business decision of a company under a lot of financial stress.
What's missing here?
Ann: Amendment to Quarterly Activity Report and Appendix 4C, page-2
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