Hints and tips:
...“And finally,” Rowan continued, “I hold more equity capital as a percentage of assets than you do....
...The sums are listed as “receivables from the manager”....
...“You would think of future receivables as, I will pay my council tax bill every month and I know what it’s going to be, so that’s predictable future outgoing rather than a receivable....
...Whichever way, revenue is booked as receivables and squared off against payables, but no money ever has to change hands....
...Eventually, the OAG notes, the group ended up being banked by a subsidiary of a New York-based entity named Noble Markets LLC....
...Sales revenue is linked to accounts receivable (e.g. sales are booked and a receivable is created which over times turns into cash as customers pay). A/R turnover = sales / average receivables....
...“I don’t think the whole business model changes in one quarter — this is an ongoing issue.”...
...The filing stated the firm’s assets include $255m of accounts receivable and work in progress....
...“I think the bigger holders now of securitisations are insurance companies and pension funds.”...
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