I am a reader of your posts on CCP as I also hold CCP within my...

I am a reader of your posts on CCP as I also hold CCP within my SMSF and I have been a past holder of CLH but got out when Lev Mizkovsky left the board - I thought it was a bad sign and it was - long before they were taken to task for their accounting. I do not want to unpick your theorising here but just want to point out that the last few purchases by PNC have been performing arrangements of bad debts and not non-performing PDLs. Bad debts which are performing under arrangements would come with some fairly hard data about regular payment and can be amortised far more accurately than debts which are still to be chased for any payment at all and the collection rate is based almost purely on modelling for that particular segment of the PDL industry. This would enable PNC to calculate more easily their likely collection rate and place a quite accurate value against them after taking account of provisions according to the current fiscal environment. I would not advocate that this indicates that PNC is currently good or bad value - that is still something intending investors and for that matter existing investors need to carefully research but it does indicate that there is less need to guess about what the fair value of their current type of performing arrangement purchases might be.