Doctorwho - I agree that the underwriting clauses are laughable. I don't think they should be allowed to use the term "fully" underwritten to be honest, as that is deceptive.
I remember another Pat's underwriting at CNN - the escape clauses were met by a low SP, but the underwriting still went through. However maybe the underwriting was fully subbed out in that case. I'm not sure about this one.
probability of a takeover?, page-14
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