Journal

Notes from the reconstruction desk

Short essays, not news alerts. Nothing here is a solicitation to buy a program; it is the same language we use in the studio.

Opening a mandate after a covenant breach

The first 72 hours are for facts that survive a credit committee, not for a new equity story.

What independent directors in mid-Taiwan groups actually need minuted when related parties still fund the payroll.

Inventory, receivables, and the cash pool that believes it is still one company.

Why a teaser book without a graph of intra-group claims is not a teaser book.