They seem to be being balanced in the reasoning presented. Defensive sure up of balance sheet in worst cases scenarios and ability to invest opportunistically in more benign scenarios, and everything in between. Interesting they mention that in the worst case scenarios without new capital they would be forced into running off the PDL and lending books, that would wipe out potentially years of growth and make part the workforce redundant. Anyone have any thoughts on reasons for run off? Lenders pulling funding and forcing a run off? Or perhaps no PDLs to buy and/or very little loan applications to replace existing protfolio?
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