The current finance arrangements are crippling PNC and holders...

The current finance arrangements are crippling PNC and holders need to hope that there is a substantial reduction in the funding rates being considered for refinancing. IMO the refinance alone will not be sufficient to bring PNC back to its pre-Carlyle strangulation. As pointed out in the presentation the momentum of PDP purchases needs to be resumed and there needs to be a reasonable concentration on the work in progress portfolio of $1.5b. The extra writedown of $7.8m as a buffer in case of unforseen circumstances is heading down the same path as CCP have been preparing their accounts and should welcomed by holders. Things appear to be heading in the right direction and as KJ points out the share price does not even reflect the cautious valuation of the net tangible assets. However fire sale of PDPs does not give any guarantees of written down prices as was seen in the recent fire sale of CLH's PDPs when purchased by the predator CCP. I am waiting to see the next gripping episode which will include some guidance.