Corollary: Who decided to lend to an overseas LLC for this use of funds? Presumably it’s bankruptcy remote so what would recovery even look like if these shares don’t find exit liquidity? Seems like lenders finance a “heads I win, tails you lose” strategy.
PaperImperium
PaperImperium23.7. klo 07.28
Am I to understand that someone borrowed $10m unsecured at 18% APY to buy the stock of a company whose sole business is holding ENA, which it can only liquidate 1) after it begins to vest in 12 months and 2) with permission from Ethena Foundation, the controlling shareholder?
I’m just curious what the underwriting process looks like for this and if I’m overlooking something obvious
1,86K