So are you saying that if PTSC had gone belly-up, which it was on the verge of doing (and which is why they opted to work with S&L to get money, a relatively small amount of money, under those terms because nobody else would visit their table), S&L would have lost no money?  If that was indeed the case (?!), I'll stand down.

Is that what you're saying?  It just seems to defy business logic. Great terms for the lender are offerred to offset risk.  No risk?  I could go into analogy land, but I'll spare you! LOL

SGE