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You're very entitled to your own opinion, but I didn't hear the same contradictions you did. I've re-listened multiple times this morning and I still can't hear it the way you have. I heard Markus say they knew they were facing tough times but weren't expecting the PE firm to get to a point where they aren't willing to inject cash. The Fire Sale was an effort to get through that specific period without having to ask for more cash. That failed and then they were told 'no more'. As for your previous point, it's not exactly clear to me...