Lou Whiteman

I'm not here to be too Pollyanna, but look, this is how deals happen.

Bridge loans going up, big deal.

The whole point of a bridge loan is it's temporary.

The risk in a bridge loan is, can you pay it down quick?

They have already worked out how to structure long-term finance for most of the original bridge loan.

Oh, no, they were going to issue stock.

they can very easily now just sell stock to raise cash.

I think there's a real naivete about the debt.

Like, oh, no, they're taking on debt.

I think that they can handle it.

But yes, it does make this a different company.

And again, this is part of our discussion before, is that Netflix is no longer this nimble upstart.

It will impact them.

They will have to manage cash.

But

They generate a lot of cash, and they have a lot of levers to pull to raise cash.

Like I say, implicit in the original deal was, the number of shares was going to go up.

So, a secondary right here makes all the sense in the world.

They might want to time it right.

Don't worry about bridge loans.