STB, if CSHD has got funding deals in which they were assigned the bonds, for accounting/valuation/borrowing purposes the bonds are theirs. Now, no one yet knows what consideration CSHD gave to get use of the bonds, but I think there's little doubt that they plan to, and will be allowed to use a book value multiple for the reset.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.