Chapter 11 restructuring.

You are undoubtedly aware of our restructuring programs.

And restructuring says, you know what?

That'a a prime spot...Are we restructuring?

Manager, he didn't talk about restructuring right?

Now, the second thing that I want to talk about was this idea of restructuring, that what the Web is doing is restructuring.

Two of those other loans, they came due, no one was willing to renew the loans, or give them new loans.

Well, the other type is reorganization or restructuring.

They didn't make loans and then sell the loans.

So, corporate loans, or loans to corporations or banks.

It has 1 billion of loans outstanding.

Corporate loans tend to be for simplicity purposes, interest only loans.

Research in Motion announced the layoff of 2000 employees and a restructuring of the company.

Thank to a fundamental restructuring, our surplus has swelled threefold.

And in Chapter 11 restructuring, you keep operating the company.

They serviced the loans.

loans, they're not liquid.

Those loans aren't available.

loans to this bank.

But they're loans for different amounts of time.

Thanks to a fundamental restructuring, our surplus has swelled three fold.

It's an information process that was restructuring and making new order.

But the investment bank, they're not in the business of servicing loans or keeping loans on their balance sheets.

So Bank A can't get rid of these loans.

Well, you have to pay 3 billion of loans.

You're assuming interest only loans.

They bought all these loans.

I majored in Student Loans.

So 9 million in loans.

Kiva facilitated 500,000 in loans.

loans to his customers, whatever.

And for the sake of simplicity, I'm going to assume that the loans in this presentation are interest only loans.

There's very little chance of them defaulting on their loans.

We'll just say it has a bunch of loans, right?

Most of the loans we're familiar with in our personal

They had the standards of, we call them, conforming loans.

When this bank sold the loans grouped all of the

We have 3 billion in loans.

And then they'll sell the loans.

Let me start making loans out.

And of course, everybody who had loans to Bank A, maybe

You can kind of say they keep on renewing those loans.

Let's say a bunch of borrowers start defaulting on their loans.

In October of '05, after those first seven loans were paid,

Interest on loans is high at present.