Ann: Appendix 4D and Half-Year Report, page-10

There is no doubt that the metrics indicate high risk
Why...because debt exceeds equity in a ratio of 6.5 to 1. A ratio similar to most Australian banks ..which are beholden to millions of depositors , a few dozen professional lenders and 2 regulators (APRA and ASIC).
Pioneer Credit is beholden to a handful of lender banks...most of which supply them with their $661m in collectible assets. And only 1regulator.
Were employment conditions to deteriorate so as to reduce by $100m that claimed asset of $661m to say $551m...what impact will that have on PNC's syndicated lenders. Their capacity to act is limited firstly by the customer relationship between them { why hurt the guy who takes our problem debts off our hands ..let's grant them a waiver and extend the debt by a few years and lumber them with a higher interest rate} and secondly the syndicate terms which will require them to act as one.
Is PNC's net assets $44m ?. No.
The realisable value in that $661m is considerably greater than the software generated balance sheet number of $304m. Let's say $504m.
So, Pioneer's net equity is closer to $170m { after we allow for the tax benefit of $70m in its accumulated losses}. And then there's the PwC claim . Lets allow $20m for that.
At current prices it suggests to me that ONC stock is low risk.
yes, still buying PNC.