Lowell - comment

A lonely call this morning, as bonds are locked up and the RCF lenders have all agreed. Still, we have had difficulty modelling the significant uptick in collections that is underlying the recap forecast without either a corresponding increase in costs or BS Velocity transactions, which would continue to erode ERC collateral. This morning’s Q1 results are only incremental in that scheme, and the thesis stands that the new bonds are too big and too expensive to carry and will struggle.