i have not checked this out, in the case of kls, so what i might write, is totally wrong.
it might have been however, that clients of kirke's, acted as as sub underwriters. if this is the case, then the subunderwriters, would have signed a subunderwriter agreement form (or whatever), and they would have taken up the shortfall. if this is the way it was, then you might not like it, but the subbies had to sign, and put their money on the line
what do kls do anyway - i suppose i should have a quick look at it
