So, what next?
Firstly, facts. It remains the case that at the time of writing, neither Farhad Moshiri nor Everton have officially commented on the status of the proposed purchase by 777 Partners of Farhad Moshiri’s 94.1% shareholding in Everton. It has been reported through the usual media sources that Moshiri is “unconvinced that 777 Partners have the funds to complete the deal”.
For once, Moshiri’s judgement is correct. Why it has taken him quite so long to reach this point is anyone’s guess given the huge, mounting body of evidence not only built during the last eight months, but that would have been evident in any robust due diligence process prior to agreeing to the proposed sale.
The idea that this is some brilliantly devious method of getting Everton through the season via an unsuspecting third party funder bears no credence either. Moshiri wanted the 777 bid to succeed as it represented the best offer for him, and he wanted it completed as quickly as possible. The fact that it didn’t is yet another testament to Moshiri’s judgement. For 777 Partners, this was a deal that Josh Wander in particular wanted, but one that was advised against by some within the 777 stable.
The zombie state it has left Everton Football Club in for virtually the whole of the season is testament to Moshiri’s complete dereliction of duty to the club, shareholders, stakeholders, employees and fans alike.
The choice of 777 Partners as potential purchasers and the unwillingness to call time on what was never going to be achieved has caused almost irreparable damage to Everton Football Club in terms of our reputation, our competitiveness and our attractiveness to other buyers.
As things stand
As things stand, we are secure in the Premier League for another season. We have enough cash to see us through the immediate term. What we don’t have is access to capital, nor the ability to repay creditors, particularly those overdue.
Our current creditor position is approximately as follows: MSP Sports Capital £160 million, Rights and Media Funding £225 million, Metro Bank less than 5 million, 777 Partners an estimated 192 million and Farhad Moshiri shareholder loans of £450 million. Football creditors will include outstanding transfer payments including last summer’s business and are likely to be in excess of £70 million. I am assuming payroll and HMRC are up to date – there’s nothing to suggest they are not.
That suggests gross debts of approximately £650 million excluding the outstanding shareholder loans.
MSP Sports Capital was due to be repaid by mid-April 2024 and remains unpaid.
Rights and Media Funding have provided a five year rolling credit facility. A rolling credit facility is the corporate version of a credit card. It offers funding to a certain amount for a certain time and can be drawn down at any time subject to the credit and time limits. As of June 30 2023, the Rights & Media Funding facility stood at £150 million on a five year term, £52 million on three years and €28 million with 34 months remaining.
The term of the 777 Partners loan has never been disclosed.
In terms of security, Rights and Media Funding have charges over Everton’s bank accounts, fixed charges over Everton’s property portfolio and a floating charge over all other unencumbered assets.
777 Partners have a subordinated security arrangement with Rights and Media Funding. This puts them before unsecured creditors but behind all other secured creditors including football creditors.
MSP Sports Capital Options
MSP Sports Capital has two distinct security arrangements. One is a standard fixed charge over all the assets of Everton Stadium Development Company Limited. This means that in default MSP can acquire the stadium to recover their loan.
Alternatively, MSP has an option to acquire 50% plus 1 share of Everton’s issued share capital. That currently would equate to 67,501 shares in Everton Football Club. These shares would be acquired from Blue Heaven Holdings, the Isle of Man Company that holds Farhad Moshiri’s 94.1% shareholding. Exercising this option would give MSP majority control over Everton Football Club.
Much has been written about MSP exercising either of their options in the event (as now appears apparent) their loan is not repaid.
It’s worth examining both scenarios. It has to be said, in isolation, exercising either security arrangement is not clear cut for MSP, its limited partners or, importantly, Everton Football Club. MSP triggering one of its two rights does not solve Everton’s problems.
Whatever the solution is, the assumption must be that Moshiri’s £450 million of outstanding shareholder loans are written off completely.
Let’s explore the options.
Holding the stadium company is a good deal as long as there’s a viable tenant (ie Everton Football Club). However, for Everton to be viable, the football club alone and no longer owning its own stadium, it would have to clear (or significantly pay down) its debts and have a fresh injection of working capital. It’s a model that can work – Manchester City nor West Ham United own their own stadiums, and a long lease has a capital value, however both those clubs do not have Everton’s debt burden, nor is Everton’s future tenure in the Premier League as strong even as West Ham United’s.
Additionally, acquiring the stadium would require additional capital to complete the construction of the stadium and meet the interest costs of the fallow period between handing over the keys and the start of the 2025/26 season. All of this is possible, but would require MSP to remain committed, add new capital or provide a new long term, sustainable debt provider.
It also requires a viable, solvent tenant – a recapitalised Everton Football Club. From my perspective it is difficult to see how even with the net proceeds of a stadium sale to MSP this can be achieved without significant debt restructuring. One has to assume that 777 Partners in a post-failed bid world would not be the most accommodating of creditors (especially if they ultimately enter “bankruptcy” in the USA or their creditors make aggressive demands on their assets). The Leadenhall allegations will cause many lenders to look at their loan exposure to 777 Partners or related companies. A-Cap and potentially 777 Re. going forwards similarly. 777 or their administrators (equivalent of) could only do so by the sale of assets, or the calling in of their own security arrangements.
Thus a viable Everton in the above scenario is only likely to be achieved (in my opinion) though administration. The most senior debt holders would be paid, the junior and unsecured creditors would be in a much more difficult position. Clearly no one wants this, the human cost is horrendous besides the reputational damage to the club.
However, it has to be recognised that the responsibility for that lies with the current owner and directors of Everton Football Club. It is they who have created this unholy mess.
Alternative Option
The alternative option for MSP is to take up their majority stake in Everton Football Club Limited. That gives them control but doesn’t solve the funding issues for the club, nor the debt, nor the completion of the stadium. It only makes sense in conjunction with other solutions.
As above, when discussing the stadium option, there’s no logical reason for anyone to assume a majority position or be a new investor in Everton Football Club if there’s not a debt restructuring. With 777 as significant but junior debt holders it’s difficult to see an agreed restructuring. The secured debt holders are relatively comfortable in a full return of funds in administration, so there’s little incentive to negotiate.
Realistically, in this scenario (as above) administration is the likely outcome prior to new investors either acquiring the club completely or becoming co-investors with MSP.
For MSP to retain a majority stake, they would have to participate in any equity raise. An equity raise is essential to pay down debt to sustainable levels and recapitalise the business. In doing so it opens the door to a sustainable debt package secured against the new stadium (as with Tottenham Hotspur and Arsenal). Given where we are in the interest rate cycle such a deal might be relatively short term with the option to convert longer when interest rates are lower (as Arsenal did).
I suspect a new share issue to a new investor is possible but unless the investor acquires the whole business and provides the future capital they would be left with control (i.e. majority holding) but leaving two significant minority holders in Moshiri (Blue Heaven Holdings) and MSP. Not a situation Moshiri or MSP would necessarily welcome, although for Moshiri it does present the opportunity for a future pay date.
MSP investors would remain invested until MSP’s stake could be sold at a later date.
No simple solution
There is no simple solution here. The scandalous way the club has been run, the choice of preferred purchaser in 777 Partners and the delay in Moshiri realising 777’s inability to complete (a realisation only dawned upon by endless reports of their financial failings) has put us in this position.
Removing 777 Partners from the equation is only the first necessary step to a solution. More accurately, by their own deeds, 777 have removed themselves despite any further denials that may be offered. Their position is likely to deteriorate further in the coming weeks, again with considerable human cost – take the Bonza employee treatment as clear evidence of such.
Sadly the idea that Everton can escape all of the above without administration is in my opinion, wishful thinking. That is a reflection and the responsibility of Farhad Moshiri and his directors. There are investors, buyers, funders in the wings as stated. But for them to be public in their interest at this stage makes no business sense. Sadly this has to play out.
Everton will continue, we have a huge amount to offer the new owners aside from our history. However, sadly the detritus of Moshiri’s terrible reign and his choice of would-be purchaser has to be cleared first.
Note: This is a personal opinion piece, provided free of charge, for those who choose to read it. It neither represents or supports the interests of any existing or future backers of Everton Football Club.
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Afternoon Paul. A sad situation indeed, but one I have been espousing for some time-Administration.
I am still perplexed as to where, or who, has funded 777’s investment in our club, considering the state of their finances. it’s not as though their parlous state has been a secret until now.
The timing of any such administration is now the crucial issue.
Along with the many 1,000s of Blue Noses, i am keeping my fingers crossed for a Blue Angel!
Frank Brennan
Amazing analysis Paul.
So I’m getting my crystal ball and saying what you can’t say – as I’m just a lowly pundit…..It’s a Mexican standoff – where none of these creditors are going to blink first, so this is what is going to happen to us in administartion.
As you said, no way are 777 creditors going to walk away from 200M – So when Everton FC remains in administration without a viable buyer, this is my prediction – this is the path we are going down, just depends where we are jumping off:
Step 1: Continued Cost-Cutting: The club would likely undergo further cost-cutting measures, including reducing player salaries, limiting transfers, and downsizing staff. Obviously this will impact the club’s performance on the pitch and its competitive position.
Step2: Asset Liquidation: Administrators will be forced to sell high-value assets, including players, to raise immediate funds. This will lead to a weakened team, affecting league performance, possibly leading to relegation, which would decrease the club’s value further.
Step 3: Reduction in Operations: Non-core operations will be scaled back or shut down, focusing resources solely on essential football operations to keep the club afloat.
Step 4: Seeking Emergency Funding: Administrators will seek emergency funding or loans, which could be difficult to secure given the club’s terrible financial position and the lack of collateral beyond what is already secured by existing debts.
Step 5:Relegation Risks: Financial instability could lead to poor on-field performance, risking relegation, which would drastically reduce revenue from broadcasting rights and sponsorships, exacerbating financial woes.
Step6: Potential Dissolution: In a worst-case scenario, if no solutions are viable and debts become wholly unmanageable, the club could face the possibility of liquidation. This outcome is generally seen as a last resort due to the significant cultural, community, and economic impacts.
Conclusion
As you said, finding a buyer or a group of investors willing to take on the club’s debts and fund its future operations is crucial to avoiding these negative outcomes. Stakeholders will eventually need to make substantial concessions, including significant debt write-offs or accepting equity in lieu of debt repayment, to make the club a more attractive investment and ensure its survival and eventual return to financial health. BUT – like I said, our creditors are going to squeeze the last ounce of blood out of our club. I’d be surprised if we go into dissolution, however we are headed for the lower divisions, starting with Step 1- Cost Cutting!
If MSP exercised option 1 and took over the stadium, is there potential for them acquiring the club itself after administration, with debts written down/settled? Who knows what division we’d be in by then and it is high risk, but they don’t have great options either way.
Can’t help but think we have been done no favours by these two big loans from MSP and 777 as they have just permitted Moshiri to keep kicking the can down the road.
Really appreciate your post and insights into this stuff… and as a Glasgweign this bringing up a lot of similarities with Rangers in 2012! For me, it just seems administration is inevitable as the only way anyone with any sense would look to purchase now is if there’s a CVA place to reduce debt repayment and risk
Everton can’t service £580M debt (RMF/MSP/777) particularly if it pays cash interest. Also, there’s no point in MSP exercising their option as this would mean them owning Everton with RMF & MSF’s debt. This suggests a debt/equity swap is needed to reduce/end the cash-outflow. This would probably require Moshiri to accept a notional (say 1%) of the equity and 777 (or their administrator) say 5/10%. RMF and MSP would have the rest. In practice this will be very difficult to achieve given 4 different debt providers all with different security and different interests. Teneo are very capable but even so. There is bound to be a new money requirement too for MSP/RMF to stump up.
Administration would be the only other option which may concentrate minds, particularly for 777 and Moshiri who are the most exposed.
Apologies – line 2 above should read “… RMF & 777’s debt”
Simon great post which describes accurately the situation.
You are making a assumption that Moshiri and 777 Partners fear Administration.Moshiri and 777 Partners monies cost them nothing and it both cases. it would be difficult to find collateral backing for either parties source sums involved.
The one assumption everybody has made is that Moshiri was interested in Everton football club – he never was and isn’t still -he’s a money man and all that has happened and is yet to happen will provide the evidence for that – yet people still support this nonsense and even have tickets for next season – when will you ever learn???
Whilst people are still prepared to financially support this nonsense they are as liable as Moshiri for the outcomes – you have all been fooled (call it mind control) and you reap what you sow – foolishness is only the beginning and yet most want more … this is entirely ridiculous and energy draining and you can have it because I do not care and I would want to question every so called ‘fan’ as to their credibilty as a sane human being – this is very cultish behaviour and calls into question all who participate
It’s not pretty to watch and this comes from somebody who watched Alex Young head that goal against Tottenham in 1962
With 20 years in financial sector, I can say, from my point of view, this was on the cards from day one of 777 lightning up Moshiri’s eyes with promises of oodles of the lucre.
Their (777) business model, is predicated on the acquisition of new assets in order to repay old assets and acquire new assets. I wouldn’t go so far as to say Ponzi or a Pyramid scheme, but certainly high risk, there needed to be a golden goose at the end of it. Everton, with a new stadium and Premier League revenue was that goose.
A quick sale was imperative, as it became clear this wasn’t going to be realised, as any household facing monetary problems, finding the need to revert to spending a little more and more every month on a credit card, or an overdraft will attest, things quickly spiralled. When I read they were putting in up £20m a month to cover the shortfall, rather than be reassured I felt the game was up.
On that point, I blame Moshiri, either he has run out of liquidity, run out of backing or has overstated his position. To not cover the ongoing costs whilst the sale was processed, only served to muddy the waters and drastically limit our options if the sale falls through as we’ve introduced a new actor into the play, and one who would be in a financially distressed situation at that, if we didn’t complete. It’s like asking someone to pay your utility bills whilst they struggle to secure a mortgage to buy your house.
Sadly, I concur, with the author and posters above. Unless Moshiri, is now prepared to pay off 777 in order to exit this sale clean, and to then write down the cost, then from every other party (whose position is covered by a secured position) and any would be investor, it only makes sense to wait for administration, you secure the club at a much reduced asking price. If you are confident in your abilities to turn the club around, you may even factor in points deductions, transfer embargo’s and a relegation (no, I take that back, you would plan for relegation) as this would be a short cut to streamlining and making the business operation lean and fit for purpose when/if we then return to the Premier League.
What you have written over the two posts is the reality on top of Paul the Esk’s reality.What will happen is as you say administration will come.Not coming in this season, but not for the hopeful reason you have given..The Club has not changed one bit and will go into Administration next season ,with even greater losses for the 23/24 season in the pipeline,.On top of that the Club will be refered to get another Independent Commission for breaches of PSR once the 23/ 24 Financial results become public.
Sorry to one and all the Club has been slowly but surely heading to Administration for over 30 years.That is the way it is Managed financially.
With 20 years in financial sector, I can say, from my point of view, this was on the cards from day one of 777 lightning up Moshiri’s eyes with promises of oodles of the lucre.
Their (777) business model, is predicated on the acquisition of new assets in order to repay old assets and acquire new assets. I wouldn’t go so far as to say Ponzi or a Pyramid scheme, but certainly high risk, there needed to be a golden goose at the end of it. Everton, with a new stadium and Premier League revenue was that goose.
A quick sale was imperative, as it became clear this wasn’t going to be realised, as any household facing monetary problems, finding the need to revert to spending a little more and more every month on a credit card, or an overdraft will attest, things quickly spiralled. When I read they were putting in up £20m a month to cover the shortfall, rather than be reassured I felt the game was up.
On that point, I blame Moshiri, either he has run out of liquidity, run out of backing or has overstated his position. To not cover the ongoing costs whilst the sale was processed, only served to muddy the waters and drastically limit our options if the sale falls through as we’ve introduced a new actor into the play, and one who would be in a financially distressed situation at that, if we didn’t complete. It’s like asking someone to pay your utility bills whilst they struggle to secure a mortgage to buy your house.
Sadly, I concur, with the author and posters above. Unless Moshiri, is now prepared to pay off 777 in order to exit this sale clean, and to then write down the cost, then from every other party (whose position is covered by a secured position) and any would be investor, it only makes sense to wait for administration, you secure the club at a much reduced asking price. If you are confident in your abilities to turn the club around, you may even factor in points deductions, transfer embargo’s and a relegation (no, I take that back, you would plan for relegation) as this would be a short cut to streamlining and making the business operation lean and fit for purpose when/if we then return to the Premier League.
Hi Paul,
Thanks for a thorough and necessary analysis as always. Do you know why MSP were able to put a loan deal in place that enabled their effective control of the club in the event of non repayment, when they weren’t able to get control of the club (due to RMF as I recall) when they attempted to last year?
Thanks Paul. Your analysis is, as always, great. Sadly, the outlook for Everton is more uncertainty for a while longer.
Unless Everton enters administration in this current year, we should avoid relegation, at least for this season. The difference in revenues from staying in the Premiership is probably around £70M, and in operating profit (and cash) around £45M. I don’t think it serves anyone’s interests to put us into administration this year, with such adverse financial consequences.
However, there is no investment case for anyone to purchase Everton with its current balance sheet. No football club makes economic sense on a discounted cashflow basis, as pretty much none of them have positive cashflows. The usual metric is Enterprise Value (Debt plus Equity) as a multiple of revenues. For example, the only listed Premiership club, ManU, has an Enterprise Value to Revenue ratio of 4.89 (says Yahoo), and even the most ardent of us would surely agree that ManU has a more storied (recent) past and a much more compelling commercial proposition. They generate £303M (47% of their total revenue of £648M) from commercial revenues (merchandizing etc.), and squeeze £97 per seat from home games. This in addition to the £209M of broadcasting rights. Everton’s comparable numbers are £39Mfrom commercial activity (23% of a total of £172M), £23 per seat for home games, and £116M from broadcasting.
Being generous, the EV/R multiple for Everton is 4, and more likely 3 (which is a touch above the level at which Saudi Arabia invested in Newcastle.) At an EV/R ratio of 4, that makes Everton (in the Premiership) worth £690M. With debts of £650M, and a contingent liability (not on the balance sheet) for Bramley-Moore Dock of £100M+, there is negative equity of £40M. At the more likely multiple of 3, you would need to pay someone a quarter of a billion pounds just to take it away.
The only scenario where a rationale investor would get involved is if some of the debts get heavily discounted. Once the 777 collateralized debt engine seizes up, and Everton’s debts or interest payments stop being met, any one of the creditors may decide to place (or threaten to place – for leverage) Everton into administration. It is to be hoped that Simon Webber’s comment above (of a negotiated balance sheet restructure without administration) comes to pass. Rights and Media are probably safe, since they are primary. MSP appears to have good security, but only if Everton is able to pay the rent on the new stadium MSP has as collateral. Personally, I am hoping that MSP leads the charge to restructure the debt stack, with lesser secured creditors receiving some value, while equity would be largely wiped out. They would probably wish to have football partner to participate. Pity Sir Jim is already taken!
MSP is a syndicate of lowly millionaires who want their dough back – They invested last year because they thought they would make a few quid in interest and get their cash back when the club was sold…….Little did they know there would be no buyer; and no way are they funding because they could have taken control when their debt went unpaid and started negotiating last month. They will be forced by the administrators to take a loss, but will be little bitches and play hard and fast with the new buyer, sucking as much life out of the club they can, same goes with 777! But at the end of the day, it’s the administrators that call the shots and they will sell to the highest bidder!
Wanna note the haircut Everton creditors are going to need to take: Based on all your numbers above….
To determine what level of discounted liabilities would make Everton financially viable for potential investors, we need to calculate scenarios where the enterprise value (EV) significantly exceeds the total liabilities. So this involves adjusting the EV/R multiple or the level of debt discount necessary for the club’s finances to attract investors.
Current Financial Situation
• Annual Revenue: £172 million
• Current EV/R Multiple: 3 (conservative and more likely according to the text)
• Calculated Enterprise Value: 𝐸𝑉=3×£172𝑀=£516𝑀EV=3×£172M=£516M
• Current Debts: £650 million
• Contingent Liabilities: £100+ million
• Total Current Liabilities: £650𝑀+£100𝑀=£750𝑀£650M+£100M=£750M
• Negative Equity: £750𝑀−£516𝑀=£234𝑀£750M−£516M=£234M
Everton’s current negative equity of £234 million suggests that without restructuring or discounting the debt, the club is financially unviable.
Necessary Debt Discounting
To make Everton attractive to investors, the enterprise value after restructuring should ideally exceed the total liabilities.
Scenario 1: Reduction to Break-Even
To simply break even where the EV equals the liabilities:
• Required EV Post-Restructuring: £750 million
• Necessary EV/R Multiple: £750𝑀£172𝑀≈4.36£172M£750M≈4.36
• Assuming maintaining the EV/R multiple of 3 for realism, we adjust the debts:
• New Debt Level for Break-Even: £516𝑀£516M (i.e., equal to the EV calculated at an EV/R of 3)
Debt Reduction Needed: £750𝑀−£516𝑀=£234𝑀£750M−£516M=£234M
Scenario 2: Creating Positive Equity
To make the investment more attractive with a cushion indicating positive equity:
• Target Positive Equity: £100 million (i.e., the EV exceeds liabilities by £100 million)
• Total Target Liabilities (EV – Equity): £516𝑀−£100𝑀=£416𝑀£516M−£100M=£416M
Debt Reduction Needed: £750𝑀−£416𝑀=£334𝑀£750M−£416M=£334M
Examples of How This Could Be Achieved
1. Negotiating with Creditors: Everton could negotiate with creditors like MSP and Rights and Media to accept reductions in the principal owed or to convert part of their debt into equity. This conversion could dilute current ownership but improve the balance sheet.
2. Sale of Non-Core Assets: Everton could explore selling non-core assets, including any real estate or intellectual property that isn’t essential to football operations.
3. Attracting New Investment: After reducing the debt, new investors might be interested in injecting fresh capital for a minority stake, attracted by a cleaner balance sheet and the potential upside of improved club performance and increased revenues.
Conclusion
Everton would need to reduce its total liabilities by at least £234 million to break even and by about £334 million to create a buffer of positive equity, making it a more attractive investment. These figures are dependent on maintaining or slightly improving revenue (new stadium) and keeping the EV/R multiple realistic given the club’s financial and competitive context.
So like I said, the conversations behind locked doors are – who’s agreeing to take the $234 M haircut the investors deem necessary to move in and buy us….If we win tomorrow and the bottom 3 loose, maybe we take the 9 points this season…..I would!!!!!
The 9 points if we entered administration today, would be applied next season, we are done for points deductions in this year/season (pending the appeal). As we passed 5pm on the third Thursday in March, as per the FA Rules.
Coming up, we have another case pending for the way we reported debt, the monies we reported as being for stadium, that allegedly tripped us up. We agreed to defend that as it’s own entity. So figure, somewhere around 4 points would be on the line for that.
We’d also fail PSF/FFP again for the rolling three years next year, whether the Premier League would consider that double jeopardy after entering Administration, remains to be seen.
All in all, we could be entering next year with anywhere from minus nine points, to mid to late teens points deductions. Plus a weakened squad from any resulting fire sale.
Thanks mate, and thanks to everyone for their comments I will reply. Just on the points, the points deduction applies this season if administration occurs before 19 May 2024. The PL rules are different to the EFL rules
With due respect, under E35 of the Premier League (PL) rules and following the Standardised Rules of the FA, the PL with consideration, could issue a 9 points deduction immediately as written or exercise discretion and issue the points next season, they have the power to do both. In practical terms they would not want to issue the 9 points now, as the Appeal process, which could go from Commission to possible Arbitration, would far exceed 2 months and take us past at this point the June cut off. This course (of deducting the points now) could leave them liable to be counter sued by Everton, so as with the League system of having a cut off, that were effectively agreed upon with the FA, the 9 points vs 10 points difference merely a reflection of the smaller fixtures in the Premier League, the practical cut off is the end of March.
This allows them (The PL) to avoid any legal jeopardy. As Everton would certainly have grounds to appeal, based on the two appeals criteria, that of the Board doing everything reasonable to avoid the situation (I agree with the Author, this is charitable) and part two which that events that were extraordinary and unforeseen pushed the club to this situation (I would suggest based on our approach to our various cases so far, this is exactly what Evertons’ legal representation have been laying the ground work for). It also stops clubs doing, what Everton would be doing, now that we are prima facie safe from relegation, simply waiting until an opportune moment such as now to enter administration and take a sanction that would be meaningless in terms of punishment.
All that being said, I don’t think Administration is likely, it serves no one at this moment in time. Especially the main parties involved, MSP, the Owner and 777.
Paul, I’m always incredibly grateful for your analysis of our finances. I know you receive criticism for being either pessimistic or trying to do the club down but it’s obvious to me at least that all you have wanted is transparency and good governance. Please keep going, folk saying administration is not an option is naive at best – though an unpalatable outcome
My firm belief is that MSP are waiting to be certain that taking the 9 point reduction will not jeopardise our premier league status. It is the only answer that makes sense for them not calling their loan in yet.
Frank Brennan
777 call in restructuring firm. Looks like that charade is over. Hopefully, the next turn of the wheel will result in a cleansed balanced sheet and competent management team. But is sure going to be bumpy.