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Re: sphistak post# 89593

Friday, 08/31/2012 11:18:46 AM

Friday, August 31, 2012 11:18:46 AM

Post# of 346475
The $30M is labelled as "debt" but it's de facto not debt. PPHM doesn't have the "cashflow" to repay it, nor the "net asset coverage" to repay it. It's taking the market a while to figure out the implication, IMO. The $30M is a pseudo institutional equity investment, of material magnitude. Disclosure: I've added significantly.
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