I have not done enough DD on BNPD to decide where the new owners of BNPD will be getting their money. We know they are going to be making the payments to BEHL during the negotiations so they have money from somewhere.
Right now as everyone says when the LOI is for a client....A LOI is just that, a letter of what they intend to do. I am sure there are dozens of times when it has been said on this board that a LOI is worthless here. When the deal is final I will think about doing the DD on BNPD. For now the PPS should start a slow climb I would think.
IMO Deals like this are too complicated and if they want to buy BEHL they can just do a normal stock buy out. Chances are this deal will crumble. When and if it does, it will all come back to our new clients and building 1 PBR at a time
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