If funded with long term debt, I suspect it would deliver more...

If funded with long term debt, I suspect it would deliver more value than the cost. But combined with the issue caused from the short term debt, it's obviously created significant concequences.

One thing I speculated it that they might have signed the contract for the acquisition, and then capital markets tightened, so they could no longer fund it with a good method. Leaving us where we are now.

"what about the 50m further down the road" - that's not an issue in the way the $25m is. They have different terms. The $50m is regular corporate debt. The $25m is short term debt, with stricter covenants and probably higher IR. As long as the $50m is longer term, then it can be repaid gradually from cashflows.