BBAssuming that in reality the situation cannot be as simplistic...

BB

Assuming that in reality the situation cannot be as simplistic as my calculations imply, then there is clearly something the heavies know that is not readily apparant.

Could it be they have already looked over the loan book and are not happy with the overall quality of the book?

Surely, if the loan book was of an acceptable credit risk then some other financial institution, one that either wants to increase the size of their portfolio (one of the existing banks), or one that wants to make a quantum increase to their asset book (Virgin).

IF the asset quality was acceptable, then either of these two groups could fund the assets relatively cheaply on the strength of their own balance sheet.

To me, the numbers and the above tell me there is something lurking in left field.