I love it!
Anything that throws off free cash can be securitized, I swear! It makes me wonder how smaller enterprises might be able to adapt this securitization model to finance their operations. I mean, at what price (per dollar of funds borrowed) is it economical for a small (< $100M revenue) company to approach an investment bank to put together a securitization of some of their business operations. Clearly, this can be scaled up to a larger firm, but can it also be scaled down to a smaller one? Inquiring minds want to know.