Oscar - only issue is that it then gives PRT the chance to renegotiate the terms of the Underwriting - maybe not such a good thing
I dont think DES's exposure is that bad - so BVI has dropped off - $900k exposure and "paper" change on the balance sheet, but only $100k to P&L.
Ive decided to keep averaging, after some long and hard thinking about it - DES cashflow position hasnt changed (except by $100k out of $6m on half yearly)
important thought of today, page-3
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