Jan: I don't disagree with anything you have said. I'm just curious as to what we paid the "extra" $20m for, based on how little we know. Presumably, we also acquired assets in addition to the $400m portfolio (which I understand is presumably generating income). Those assets could be anything. Based on hope alone, I'm hoping it isn't $20m of blue sky.
It will be interesting to see how they account for the non-recourse liability, but if I recall the PR correctly, SLRC intends to keep Crystal as a separate entity and simply pass earnings through to SLRC.
It just occurred to me that possibly (which means nothing more than a guess on my part) the portfolio is larger than $400m, but repricing M2M reduced the book value of the portfolio to $400m and SLRC presumably believes that the written down assets (nonperforming loans?) are worth more than the written down value.
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