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Casts surer shade across the [[Chapter 11|purgatorial chapter]] <br> | Casts surer shade across the [[Chapter 11|purgatorial chapter]] <br> | ||
Than e’er it might upon some distant hea’enly host. <br> | Than e’er it might upon some distant hea’enly host. <br> | ||
The surest thing was up: its only way was down. <br> | |||
{{script|Herculio}}: Oh? Did it not turn out so? <br> | {{script|Herculio}}: Oh? Did it not turn out so? <br> | ||
{{script|Ser Jaramey}}: A noisome band of amateurs did twist its price. <br> | {{script|Ser Jaramey}}: A [[Reddit|noisome band of amateurs]] did twist its price. <br> | ||
That vapid instrument prescribed a path most inopportune. <br> | |||
{{script|Herculio}}: | {{script|Herculio}}: A sideways move, not down, perchance? <br> | ||
{{script|Ser Jaramey}}: How might I wish! <br> | {{script|Ser Jaramey}}: How might I wish! <br> | ||
{{script|Nuncle}}: It went to the moon. <br> | {{script|Nuncle}}: It went to the moon. <br> | ||
{{script|Ser Jaramey}}: | {{script|Herculio}}: How fares thy mark-to-market now? <br> | ||
{{Script|Herculio}}: | {{script|Ser Jaramey}}: Sadly low, and presently moist, or damp — <br> | ||
{{Script|Ser Jaramey}}: | {{Script|Herculio}}: “Damp,” you say? I never heard a portfolio get wet! <br> | ||
{{script|Nuncle}}: Yet ever’y other one is under water. <br> | |||
{{script|Herculio}}: Now I catch the drift. How far deep is down? <br> | |||
{{Script|Ser Jaramey}}: More fathoms than I can fathom. <br> | |||
And now the one who wrote my swap hath taken ill, <br> | And now the one who wrote my swap hath taken ill, <br> | ||
Though he be to the good and I | Though he be to the good and I be in the hole. <br> | ||
{{Script| | {{script|Herculio}}: Ill? What malady afflicts a man so thickly profited? <br> | ||
{{Script|Ser Jaramey}}: | {{Script|Ser Jaramey}}: His payments due to other banks <br> | ||
In sum well ’cross the starry [[Threshold Amount - ISDA Provision|Threshold]], lie in [[arrears]]. <br> | |||
Sans [[Grace period|grace]] or [[composition with creditors|composition]]; absent a cleansing [[force majeure]] <br> | |||
He’s in default. I have him bang to rights.<br> | |||
Herein, my dilemma: Do I close my book, as is my right <br> | |||
And bear the funded pain of outward cashflow — <br> | |||
Or hold my peace, keep powder dry and stay the course <br> | |||
To expiry in earnest hope that, ’twixt now and then <br> | |||
Vicissitude should salt away my losing marks? <br> | |||
The latter course, of course, appeals, save this: <br> | |||
I, by lights of our compact, must pay what is [[Confirmation - ISDA Provision|confirm]]’d <br> | |||
While my oppugnant customer — the very one in breach<br> | |||
Revels in churlish delinquency. It feels unjust. <br> | |||
{{Script|Herculio}}: Canst thou not, with merry words <br> | |||
Assuage this awkward detriment? <br> | |||
A simple term, to wit: whilst man defaults <br> | |||
He may not seek performance? <br> | |||
{{Script|Ser Jaramey}}: Alas, that lance doth fetch aslant <br> | |||
Upon the voiding sheen of [[Bankruptcy Code|code]].<br> | |||
No feint, nor jibe, nor fulsome thrust of cunning covenant <br> | No feint, nor jibe, nor fulsome thrust of cunning covenant <br> | ||
Couldst adjourn our present debt short of its terminance<br> | |||
Such canny phrase wouldst fall away: <br> | |||
A null, a nought, a preference rudely voided.<br> | |||
And thus, our right demis’d. No more <br> | |||
{{Script|Nuncle}}: | Than had we ne’er inked it in the first place.<br> | ||
{{Script|Ser Jaramey}}: ’Tis an empty supposition, Fool. | {{Script|Nuncle}}: Hold that thought. There’s something in ’t yet.<br> | ||
{{Script|Nuncle}}: | Empty is as empty does, Sirrah. One cannot pick an empty pocket. <br> | ||
What rights a man hath never had cannot be stole.<br> | |||
{{Script|Ser Jaramey}}: ’Tis an empty supposition, Fool. <br> | |||
Mere riddles cannot make us whole.<br> | |||
{{Script|Nuncle}}: Hold on: if wholly the whole’s a hole <br> | |||
Who’ll hold the whole hole holy? <br> | |||
{{script|Ser Jaramey}}: Holy moly. |