Counsel's opinion, page-10

Counsel opinion does seem odd, particularly as Counsel always plays the tune requested by he who pays the piper.

CCP, CLH, and PNC all account for PDLs (or PDO as PNC calls them) within the same accounting standards, and yet their ratio of PDL amortisation (or "net gain of financial assets from PDOs" in PNC's terminology) to collections (liquidations) is significantly lower. In loose terms, the respective ratios are 47%, 43% and 23%.

The difference of foregoing ratios is a matter of actuarial and accounting-cum-audit opinions, rather than legal opinion. In the long-term the matter will play out, and the 23% may transpire to be correct, even though it is in effect a claim that PNC is twice as good at squeezing juice out of lemons as the other two firms mentioned are.