Interested in why you think this. It was $14m at last count down...

Interested in why you think this. It was $14m at last count down sharply from $20m 6 months earlier. 2.5m of it is for unsold cards that are in the receivables so they just cancel each other out. The purchase provides for $5M of of the unearned income to be assumed by the purchaser. Of the remainder, not all of this will be incurred if I understand it right. It is the unspent credit on cards which have been activated. My understanding is it wont come off the purchase price but remain be a liability for TPM. BUT as cards expire, potentially without the credit being used, it can be written back in p/l. Maybe a few million, maybe not.

Bigger question is what happens with the large figure in accounts payable. Is some of this assumed by the purchaser as would usually be the case? Interested in your view. If you think TPM gets stuck with it what do you make of all the cryptic talk in the announcement about certain costs and expenses being covered by the purchaser as long as they dont relate to the continuing business.

Cheers