The acquisition funding was urgent, though the outside repayment schedule ran over five years.

The distinction was explained to me: immediate need did not necessarily mean immediate maturity.

Patrick offered security over assets he owned and over business interests he had authority to pledge.

His penthouse, vehicles, and relevant interests in the firm were among the proposed collateral.

Other shareholders’ property and investors’ pension funds were not his to offer.

The lender’s lawyers checked the documents rather than taking a list from his assistant and calling it ownership.

When I saw the penthouse described in the schedules, I had to close the file for a moment.