[SCCNY]

"And the merchant default rates are excellent. Put simply, the merchant cash over cash default exposure is 1.2%. That means that of all merchants receiving $100 in cash from CBSG, only $1.20 (1.2%) is defaulted on."

That also means that their default rate over the RTR is less than 1% since they are using the funded amount. Their math doesn't make sense. With $300M in litigation. I call bull **** and anyone that believes that is delusional.

Not to mention they only included one paragraph about their default rates and no mention whatsoever about the insurance they presumably offered.

this guy gets it