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Biotech / Medical : Xenova (XNVA)
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To: Extra Pale who wrote (145)8/6/2005 10:46:04 AM
From: tom pope   of 173
 
note holders are taking an equity risk without corresponding reward

As Jonathan well knows, this is the Achilles' heel of traditional commercial banking, especially in commercial Real Estate lending where banks get zapped by the cycle with depressing regularity. The developers walk and wait for the cycle to repeat.
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