WP once said the previous regime was on the verge of bankruptcy. It might be argued with a cash balance of $2.8 million and a number of covenant breaches we were sailing pretty close to insolvency ourselves. PFG may well have called in their loan at any time. On a lousy $5 million drawn amount.
If one were evidence-based and data driven, one might say this CR was about plugging holes rather than funding new opportunities...
WP once said the previous regime was on the verge of bankruptcy....
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