ClearBank

"HPS, our long term lender, an offshoot of JP Morgan has a security interest in all our assets. We owe them [$ 150 million]. The relationship is a very good one and they allow us to move our assets around.... They also allow us to take enough money out of CFFI to pay all our obligations, dividends to me so I can pay Mum [Judi], Sarah and Michael their salaries/ allowances etc. Moving [$ 10 million] out from under their security blanket would be a problem and not something they would agree to absent some event [such as selling part of ClearBank to John Malone]. There is speculation I am using money to build a new yacht and my new house, money that could be directed to Mum. In fact that is not the case. I am financing the house with a mortgage and my deal with the shipyard allows me to pay in 3 years time, on delivery. So I hope this description of circumstances is helpful to you in appreciating why it is not possible for me to say on June 30th I will pay x. I am more than willing to transfer the Montana house or anything else which might give Mum better comfort that I intend to honour my obligations."

"“I wish it were as simple as me giving you a specific date... but that would be a couple of years out and I’m not sure that’s what you want,” Risley wrote back to the group. “Let me try and explain. We have investments in about 20 companies. The most important [of] value are 40% stakes in each of ClearBank and World Energy [a Boston-based biofuels company]. We think ClearBank is now worth over a billion and World Energy should get there by the end of the year.” ClearBank was growing quickly and securing new customers, while World Energy’s renewable diesel refinery in Los Angeles was under a $ 350-million expansion (later expanded to $ 1.4 billion)."