It was not an extravagant loan TB, it had an extravagant cost to get out of which could have been mitigated over the remaining 3.5 years. The questions are 1/ why pay it off?
2/ why pay $20.mil off it when you're strapped for cash?
Answer to 1/ either because you've been shaken down at the time that the loan was up for renegotiation or because you want to dress yourself up to be taken over or you want to go for a big CR. 2/ you pay the $20 mil so that you can fit the total CR under the cap of an extra 15% SOI within any 12 month period without shareholder approval, which would require explanatory memorandumsand a vote.
That $20 mil will seriously hurt, along with the previous $10 mil and now they are short of cash IMO
Ann: Becoming a substantial holder, page-113
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