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He is a highnetworth and the investment was actually to allow him to make an investment in another company that he privately owns, and so it falls outside of any relationship we have in this world – in the SNF world. And it's collateralized as well by the equity interest in that private investment.
RITHOLTZ: It’s a liability on the books. MORGENSON: It can be collateralized loan obligations, now it’s big private debt. RITHOLTZ: Now, wouldn’t that just — whoever’s a purchaser knows this is happening, doesn’t that just lower the cost, the purchase price by that much? MORGENSON: Maybe, but still.
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