Ann: CLH Responds to shareholder's latest false claims, page-15

On the detailed valuation, I don't know this area well enough, but assume that they must have some decent modelling of their portfolios else their pricing is going to out when they buy PDLs.

On the upfront recognition, I think it's reasonably clear that the increased amortisation is depressing current results which is why they may have had to do the sale to Balbec......this balancing act is needed as they seemed to have under amortised in the past. Again I don't necessarily think this reflects poorly on Rivas as he could have just as easily maintained the status quo, booked large revenues and buggered off with a big payout before things went south.