We have all read so much distressed news re MFS, but how many of them are proven material changes? As far as I can see:
1. There is no material change in debt position since end of last year;
2. 75bps cut from Fed, another 25-50bps on the way;
3. MFS diversified (MFT) did not collapse, it stablised and was up 10% yesterday; (yes, I know MFT has limited relationship with MFS); Likewise, the depletion of value in the funds management arm has limited impact on the value of Stella business;
4. Accelerated redepmtion started but was expected.The freeze is a necessary step.
Good luck.
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