Ann: Pioneer and Senior Financiers to extend Standstill Agreement, page-27

The heading "Receipts from liquidations of PDPs" appears under the cash flow section of PNC's accounts. That is they are referring to actual cash collected not discounted cash flows as used in calculating profitability. I do agree that there is not much difference in the rate of cash collections as I have previously reported that PNC's rate is only 3% either side of CCP over the last 3 or 4 reporting periods. I tend to ignore the profitability declared with these sorts of businesses and concentrate more on the cash flow but in this instance that did not help me foresee this change of fortunes. Yes the biggest difference is the proportion of debt and the mood of the lenders and I would advise that you should not waste time on analysing PNC unless you intend to establish what lessons can be learnt from this complex debacle.