Management, page-59

Yes I understand all of the above.

What I am saying is the likelihood of $100m facility straight up is reducing every day IMO. I'll point you to AF's statement "we have about 3 weeks work left" made in late December and the recent comments suggesting the DW might be done by March or later.

I agreed with @ksimmons in we are already running a DW, albeit a small DW, which is needed to provide some history as well as the much needed cash.

SPX will be no different to APT with regard to setting up the Debt warehousing with the exception of size of facility. APT finance John Smith buying a few extra bottles of scotch for a couple of hundred. SPX will finance not only John Smith, but the bottle shop, and the bottle shop's bottle shop. And that's just E-bev.

Research APT and DW. I think you will find their initial DW wad much less than $100m with $20m being my recollection.

I hope we get the $100m straight up and it's all out before lunchtime on day 1, but that's not at all likely.