You've stated "Calculate the cost of equity v this interest rate and then tell me if a rate of this type where the interest cost is paid in an off-set of a borrower's ELF loan instead of cash is better or worse for shareholders?"
May we see your compelling calculations?
In reference to an earlier question is the ~15 million balance calculated on an ideal scenario, that the most interest is paid rather than the least?
What are the upper and lower ranges of these calculations?
Why are default conditions commercial in confidence? As a lender shouldn't conditions in event of a default be disclosed to borrowers?
If this is correct do borrowers not know what happens in event of defaulting in the ELF?
Ann: Capital Management Update, page-17
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