A good summary of the current position Joe but I would add one...

A good summary of the current position Joe but I would add one credit in PNC's favour in relation to surviving the current Covid financial environment and that is their ability to review their older PDPs and convert them into term repayment schemes. This helped them considerably over the last 18 mos or so. Having been in the industry I can say that there is a lot of hard work in achieving that result as the older PDPs are often those that have been resistant to past attempts and new strategies need to be developed to entice them to think about liquidating their debt. They have done well in achieving that result. But I agree you need to invest here with your eyes wide open and it does pay to have some idea of what this industry does.