Ann: CLH Portfolio Enhancement Programme - 2nd Balbec Transaction, page-9

Interview with Lev in today's AFR:

Collection House’s biggest investor Lev Mizikovsky has decried such deals. “Essentially, it’s a very, very expensive loan,” Mr Mizikovsky told the Financial Review.

Court filings by the company in that dispute show Mr Mizikovsky had sent a letter to investors outlining his concern that such debt deals meant Collection House was “selling the family silver in order to realise an immediate advantage, and shareholders will be left to clean up the mess in the years to come”.

Collection House was selling debt ledgers for “short-term gain … only to have shareholders potentially left ‘holding the can’ when the recourse [put option] nature of the transaction rebounds in the future”, the letter said