Global Brokerage Inc. (GLBR)

[MJames89]

"The 20.5 would not come into play until the last quarter of the loan."

True, but the difference impacts the last three quarters.

Before:
10%, 11.5%, 13%, 14.5%, 16%, 17%, 17%, 17%

Now:
10%, 11.5%, 13%, 14.5%, 16%, 17.5%, 19%, 20.5%

To assume that most of the loan will be paid off by then is very optimistic. FastMatch for $70M was identified. It'll be a challenge to find anything else that doesn't impact the whole business. The rest has to be paid from operating cash flow, something which they had very little of in the first nine months of 2014 if you review their financials from Q3.