Regarding UCCs. As you know we own UCCJunkie.com. It's a "hobby" for us now but who knows. That being said there has been a precipitous year over year decline in the number of filings since 2009.

Companies like OnDeck file under CSC. Filings under CSC have remained mostly steady in the big 5 states over that time period.

This is slightly confounding because the industry is growing as it relates to first positions, while also stacking second positions - yet a decline in filings.

I know a big time sports team owner turned an industry boss into one of his employees via an acquisition recently, and rumors suggest that company only files in case of default.

Does that explain things?