I was extrapolating your comments Jim, not quoting you.
Your initial comments suggested:
#1 the banks want to be repaid and reduce exposure
So if banks have a chance to be paid cash (arrangement fee), and reduce (not increase exposure), why would they elect to take equity?
Not such a stretch to suggest "in your scenario, the banks must have thought S&G didn't have enough cash to pay the total arrangement." Because they want to reduce exposure no?
You've also said:
#2 I think the banks are feeling more confident they will be paid back with interest
Which one is it?
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