research note on afgha, page-24

"That's a pretty serious allegation."

Well look at the difference in non-recourse versus recourse debt between July 2007 and December 2007. Recourse debt reduces and non recourse increases. The exact definitions of these things can be interpreted. Auditors signed off on both.

They list contingent liabilities (such as those of alleasing) in a seperate section. They're not counted as recourse loans but they do in fact have recourse to the holding company.

I'm not alleging fraud. I actually believe that Allco's financial statements are compliant with the law. I also believe that in a liquidation loans that were called non-recourse or not called anything at all, through various conduits, end up with recourse against the holding company.