Yes, well anything from a person, in the context of a financing with a public company is fundamentally problematic. Defenses like death, incapacity and other things that can happen to a person but for which there are easy fixing clauses for a corporation, just always made personal guarantees something people and entities where I used to look at such matters, just not the preferred route and often very problematic. It means you’re fundamentally looking at the guarantor, not the entity borrowing and then that’s a big issue. People just slapping their name on a piece of paper is likely inadequate and the requirement raises questions. Even when we had a billionaire on the other side, still raised issues. You prefer that kind of a deal to go to a well rated, well capitalized personal bank for high-net individuals somewhere and you might get some other form of financing upon which the lender could rely. But if the relationship was long with certain persons, then yes, sometimes you said yes because that was how it had always been. Hence my point about old, private companies, often agricultural, having long-standing modes of operation that did allow for such arrangements. But that was rare and maybe people would lend in that situation, but often not regulated companies without careful structuring.
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