All you need to look at is the reality of their cash...

All you need to look at is the reality of their cash collections, growing strongly year on year.
If the cash collections & revenue numbers were the other way round he may have a point but they're not.

If anything PNC are overly conservative with regard to what they think they can recover, that's the main reason they over achieve their forecasts every year. It could easily be argued by an overly enthusiastic auditor that PNC'S idea of fair value is equally wrong the other way to what is being argued & should be written up not down. After all that's what their track record suggests.