Savers and the people managing their money must not accept debt arrangements without getting something in exchange. Institutional investors should act solely on behalf of the public and wrest what profit they can for people.
If you think your company has a right to exist but you're temporarily embarrassed for cash, by all means, take a creditors' arrangement. But give us some shares so we can share your potential.
We are risking our money at this time, risking that you won't repay in full or in part and are agreeing to wait for our money back. But don't throw us crumbs in exchange. We want more. Give us equity so when the company rebounds tomorrow and starts to profit, we'll profit from the risk we took.
You don't want to give us a stake in the company? Fine. Give us our money back. Sell your other companies, your executive plane, your house and repay your debt. That's how it works with the banks and that's how it works when we default on our mortgages. That's how it should work in the capital market.
We didn't have much when this began and now have less. You were worth more and now have less. The question is what will happen when this all ends in a year or two or three. We'll still be worth not much, while you will be rich again because we're helping to rescue your company, but we're the ones taking the risk while you get the reward. That isn't right.
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