Thanks a lot for taking time to answer my questions. We are in agreement. Here are some of my comments.
1. Why is it taking so long to get proper refinancing? Well, BAC may be getting ready to make a deal. One can never rule that out. They may structure something to benefit them by asking for warrants etc. I think it is SRZ rather than lenders that are stalling as by showing operational improvements, SRZ may get much better terms than what they get now. Lenders already have Q4 numbers and SRZ may want them to see Q1 numbers for 2 months or so. If not BAC then GS will definitely do refi.
2. Is not having enough collateral a concern? Also, 400M debt is secured by new ventures (not sure 100%) which may not be worth much so I am not sure about assets value at this time.
3. Do you still beieve that SRZ will eventually get to 10? Good luck. You may be right as it may take 3 months to get to 5 but may take 3 years to get from 5 to 25.