Ann: Launch of Bentham IMF US Investment Vehicle, page-15

Indeed.... (Taking a big breath though.)

IMF - Bentham are not saying this is going to happen.

I assume they've committed to this?

This has happened!

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One of the traditional structural Problems IMF-Bentham has always had, was the piping of interest costs to their clients...in terms if Litigation Contracts in Progress. See note 16(e) of the last years accounts.

Capitalised borrowing costs
The Group has determined that Litigation Contracts In Progress meet the definition of qualifying assets and that
100% of borrowing costs are eligible for capitalisation. The amount of borrowing costs capitalised during the year ended
30 June 2016 was $3,764,000 (2015: $2,758,000).

And in Note 19 That seems to indicate that ONLY the direct cost of debt is being charged in LCIP (Litigation Contracts in Progress)

IMF_Bentham cannot stay in business as a financier, on-charging clients the direct cost of IMF-Bentham's debt only.

They must seek to recover at least their own, IMF-Bentham WACC's in aggregate, across all their client funding, and then some.

So too - this deal must collectively achieve this BENCHMARK, and then some.