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To: Extra Pale who wrote (145)8/5/2005 10:10:40 PM
From: Robohogs  Respond to of 173
 
Well said. I have been trying to make the same point to no avail.

Jon



To: Extra Pale who wrote (145)8/6/2005 10:46:04 AM
From: tom pope  Respond to 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.