Ann: Pioneer and Senior Financiers to extend Standstill Agreement, page-20

Well Tarvold you beat me to it!! Must back everything you have said but I will add a little more to make it clearer about my previous post. Liquidations can refer to the reduction of value and in that industry the reducing in value of the PDPs by "collecting " them can include that terminology. I think securitisation is the appropriate term for bundling and selling the debts on to another business and as you say this has not been used by PNC or CCP in the past. When i refer to the PNC philosophy and business model I refer to the entire operations of the business and as you say Tarvold particularly the ethical approach to collecting. The AGM addresses and other announcements in the past have laboured over this point about how they endeavour to restore the defaulter's credit rating. The other main difference is that PNC have on all past occasions purchased only "tier one debt" whereas CCP and CLH both purchase utility and telecom debt both of which carry some very labour intensive collections and heavy writeoffs.
Like you Tarvold I also invested because I have strong beliefs that the philosophy and ideology are right and good for society. I did my research into the viability of the business and like a lot of others made the decision that it looked fine. Personally I still believe that it is a viable and quality business - just that KJ allowed himself to get trapped in a catch 22 by sticking to his valuation methodology against regulatory protocol and left himself nowhere to go when the AASB9 methods left him outside of his funding covenants. Thanks for the backup Tarvold