Yeah I've always thought that even if the banks do not care about the $15 million, AFG should defer AFGHA coupons and invest the cash in operations that are profitable. AFG's credit rating can't get any worse anyway, so why not do what's best for the business. AFGHA holders will be rewarded too. They would be looking at not just $5 back, but $100+, this is equity-like payoff.
Of course, this assumes AFG's core business is worth investing.
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