I take your points Warnie and it's good to have someone that...

I take your points Warnie and it's good to have someone that provides a rational view (Mondy does too) rather than mere one liners.

On the issue of the $50m DW not being sufficient to turn a profit.

Isn't it the usual course for a business to progress in stages, building confidence with investors/lenders as they go in order to justify the additional financial backing required to reach the scale to make the business profitable?

In that sense, the business needs to start somewhere, demonstrate it can do the job and then build. So far SPX has started with the $10m Moneytech facility and demonstrated proof of concept. It's now progressed to the next stage of a $50m DW facility to demonstrate that it can manage scaling up and the associated credit risk management issues that follow increased customer onboarding and lending flow. Upon successfully demonstrating they can manage that initial scaling up, they then tap the funding market again to increase their facility to a level that is likely to make them profitable or very close to.

I think that getting this DW locked away is a necessary forward step in the progression of the business, but it certainly isn't the end goal.

I'm not sure I share the sentiment that they shouldn't have even bothered with the $50m DW because that won't make them profitable in itself as that is quite a short term view of the world.