Nathan Latka

In January of 2020.

Yeah, in January of 2023, the CEO of Zen loop, when when being quoted about the liquidation process said, quote, we were not able to get the required approval in a short amount of time.

Unfortunately, that can happen with a large group of more than 40, more than 40 shareholders.

So when you a couple quick questions here, I know Dirk leads your originations, but do you have any databases you look for to get notified when things go into bankruptcy like this?

Or is it really just you and Dirk picking up the phones calling people?

Yeah.

So Zenloop, just stay on that for the sake of an example.

I think it's educational for the audience.

You know, NADA put in 4.8 million euros in 2019, Signals put in 6.1 in 2020.

So about 10 million raised at that company.

Just to be clear, when you go in, this is going through bankruptcy, all the equity gets wiped out, right?

Yeah.

And they only got a dime of the dollar.

Yeah, yeah, yeah.

So they don't like, SaaS Group now owns Zenloop.

But if you look at Zenloop's sort of subsidiary cap table, it says 100% owned by SaaS Group.

You don't have all the old people still having a small slug on there or something, do you?

Yeah, yeah, pretty much.

Okay.

Okay.