We believe that our pledging policy effectively mitigates the risk that forced sales of pledged shares could prompt a broader sell - off or further depress a declining stock price, while providing our officers and directors with
reasonable flexibility to use their FedEx shares as
collateral for loans for needed liquidity and encouraging them to retain substantial ownership of their shares.
v) Lenders: Argo has $ 23.6 million of net cash & fund investments, and overall net tangible assets of $ 28.5 M — which should provide sufficient
collateral for (say) a $ 10 - 14 million
loan, at a
reasonable interest rate.