DISCOVERY AIR INC 8.375 PCT DEBS T.DA.DB.A

RE:Resiliency

[Mongoose11]

After thinking about the recent news I've come to the conclusion that Clairvest is in for the long haul more than ever. By purchasing 49% of the company for around $1 per share they protect their very lucrative 10% debenture with low cost capital (they are likely paying around 3%). It also formalizes what was a defacto control anyway. This stabilizes the company on the one hand but I think the black hole of debt that is crippling earnings will not be resolved since it benefits Clairvest who are obviously more than ever are calling the shots.