The problem they have is that any financing will be at a high...

The problem they have is that any financing will be at a high interest rate. If you look at the funding IMF has done through their SPV structure with Fortress the funding cost is too high IMO.

I personally would rather LCA didn't finance aggressively at high cost of debt (IMF) but instead just recycle the balance sheet over the next 5 years and I think it will lead to great shareholder returns. If they could access debt capital for close to 10% I suspect they would take some of that as well (possibly only $20-30m) because the rates of return they can earn on cases far exceeds that. I can't see how they can finance the entire pipeline though.