John Zito

Handful of people, I'm friends with most people in the market.

I'd like to say I've not done anything wrong to anyone in the market and generally have real personal relationships that have gone for a long period of time.

They're deep, real relationships that, because in credit, it's not zero sum.

The equity markets are more zero sum.

You win the deal, I lose the deal.

you typically are in the same bond with them or seem loan, or maybe we'll be on the other side, but I know I'll be in the same side again.

And so it's a very different dynamic.

So we were able to get 90% of the bonds on board.

They launched this exchange.

The exchange gets blocked.

What does the exchange just describe?

The exchange is effectively, Hey, if you roll into this bond at a steep discount,

we'll give you security, but you have to take a big haircut to part.

All of a sudden, no.

They launched it, they extended it, and no deal.

And people don't know this part of the story, but I'm sitting in vacation, like my first vacation probably a year in the south of France, and I'm sitting there with my wife,

And guess who's sitting next to me?

Ken Mullis and his wife.

Okay.

And I'm like, Ken, I'm on vacation.