Question-and-Answer Session
Operator
Thank you. [Operator Instructions]. And our very first question will come from the line of James Fotheringham with Goldman Sachs. Please proceed.
James Fotheringham - Goldman Sachs
Thank you. Jeff, could you give an update on your plans to IPO the aircraft portfolio; are there any changes with respect to timing, size or structure and also on the strategy for student lending. Should we be reading anything into your transfer of small business out of the consumer segment, where student lending now sits alone? Thanks.
Jeffery M. Peek - Chairman and Chief Executive Officer
Yes James, good morning. First, on your first question. I think I can say; no change. We are in a registration side, so I can't expand more than that. No change in market condition. On the second question, I wouldn't read anything more into that other than we frankly from a credit adjudication perspective found that the SBA loans fit better with the kind of the Corporate Finance credit environment as opposed to that there was... each deal was a little bit of individual analysis as opposed to flow businesses where we could scorecard the business. So we've moved it over the Corporate Finance and we think there could be some synergies. We've already done some financing for some of the franchise companies where we finance the franchisees through SBA. So, we just think it's a better fit. I wouldn't read anything more into that.
James Fotheringham - Goldman Sachs
Thank you.
Operator
And our next question comes from the line of Eric Wasserstrom with UBS. Please proceed.
Eric Wasserstrom - UBS
Thanks. Joe if... in terms of the capital do I understand that there's basically three unique capital events going on. One is the $8 million of common sold yesterday and the second is the $80 million piece that's related to that that you have some option early around or should say some flexibility and then the third is the $600 million convertible? Is that correct?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Yes, let me be clearly because I don't think I was as clear as I could have been in my script, that's... Eric you have it right. We did issue $8 million of equity yesterday to satisfy the dividend due in December. As we look forward to the fixed charge coverage ratio calculations, we wanted to make sure that we put this issue out of investors concerns. So we have an agreement with certain underwriters where our option we can issue up to $80 million going forward over the next year to satisfy any other trigger issues that we would have over the next 12 months. So its 8, it's actually raised, 8 is a commitment we have from underwriters that we have not realized or actualized on yet. We will see how the next several quarters go, but that should dispel the fears of any problems with the trigger. And then lastly the other capital raise is the $600 million that you referenced, Eric.
Eric Wasserstrom - UBS
Okay, so one quick... I may have misheard you but it's 8 and $600 or 880 and 600.
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Thank you, Eric. It is 8 done. 80 of forward commitment. We may or may not do that and 600. Three discrete events.
Eric Wasserstrom - UBS
Got you. Thanks and if I can just get one more point of clarity, as you look back in terms of the... managing through this home equity, disposition, if you had... is there some way that that could have been accomplished that you can see now that might have avoided the capital hits and the violation of the coverage ratio?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Well Eric, I think the economics are where the economics are overtime. Having said that, the classification as assets held for sale require slightly different accounting or different accounting than assets held for investment, so therein lies I think the answer to your question.
Eric Wasserstrom - UBS
Okay, thanks very much.
Operator
And our next question comes from the line of David Hochstim with Bear Stearns. Please proceed
David Hochstim - Bear Stearns
Yes, just following up on the home lending portfolio, could you give us an idea what the delinquencies and some of the credit metrics would have been on a pro forma basis for the assets that were sold in the last week, you said those were I think the worst of the assets that have a material effect on credit profile?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Yes. I would say that... what I can tell you is that the assets that we sold had significantly different characteristics, demographics than what we retained, the FICOs were lower, the LTVs were higher, the amount of full doc was lower and those are a couple of items. And I would say a substantial portion of our delinquents reside in that portfolio.
David Hochstim - Bear Stearns
So roughly, I mean, of that $1.2 billion that you show as of September 30th how much would be that 800 or how much is sold?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
I don't have the exact number with me. David, I think it's about 60% or 70% of that I believe.
David Hochstim - Bear Stearns
Okay. And then sort of related to that, could you just explain the decision to retain the entire portion of the assets investment, so is there someway... so Freddie Mac purchased... on their books they purchased the $4 billion plus, you are holding those on your balance sheet as well, if you account it for that as a sale and you just retained the other piece on balance sheet, would that have generated higher mark-to-market losses at September 30th or is there some reason you didn't want that another to stuff off the balance sheet to free up capital?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Let me try this because I think since we did the Freddie Mac deal there has being some confusion on this. About $6 billion of collateral was pooled and transferred to a bankruptcy-remote trust. And in that trust these securities were tranched... were tranched. We hold all the securities. We sold the AAA level of the securities to Freddie Mac. We continue to hold the securities below that level. So well it was not a sale of the assets to Freddie Mac. The assets are in effect encumbered for there life. So, we have no flexibility on the entire asset pool to sell down those assets to any one else until the clean up call, they are in the requirement to move them to assets held for investments. The same is true for the transaction, we did in October.
David Hochstim - Bear Stearns
Okay, thanks.
Operator
And now our next question comes from the line Matt Burnell with Wachovia. Please proceed,
Matthew H. Burnell - Wachovia Securities
Good morning gentlemen. Just a quick question, in terms of funding needs for the next quarter or two. Joe could you give us an update as to how you see, your funding needs both the secured and unsecured over the next three to six months, sort of your thoughts about, how you are going go about financing that?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Yes Matt. As we look at our funding needs, we made a significant amount of progress over the quarter. As we look out into the fourth quarter it... we were... it depends on what happens with asset growth. But we would... based upon our current thinking, we continue to look at additional student lending securitizations. We continue to look at equipment finance securitizations. We continue to think that certain of our transportation segment is eligible for secured financing. And we would continue to plan on doing our borrowing in the secured market. Having said that, the money will raise from the sale of the portfolio from the capital raised transaction that's in the press release. And hopefully some other sales, that we are going to... we mentioned in terms of holding some of the additional assets held for investment. I think between those that would satisfy our funding needs for the rest of the year. Having said that, we are still looking for the right opportunity till we get into the unsecured term markets, with a term dealer size, our expectation is to hold commercial paper at about where it is right now in the $3 billion or so level.
Matthew H. Burnell - Wachovia Securities
And in terms of your funding needs about the first half of '08 any thoughts on those?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
No... I mean yes. We would like to get back to a balanced way of doing, I don't have the numbers handy at my finger tips, you can follow up with IR, in terms of those needs.
Matthew H. Burnell - Wachovia Securities
And just one --
Operator
And now our next question comes from the line of Chris Brendler with Stifel. Please proceed.
Christopher Brendler - Stifel Nicolaus & Company, Inc.
Hi, thanks good morning. There is some specialty around the segment such as these small business, I mean the Corporate Finance. But can you just comment in both Corporate Finance and Vendor Finance the NPAs and delinquencies were up pretty significantly, sequentially. I'm calculating that you actually took down reserves, the provision was actually less than the charge-off in both those segments. Can you just give me a little comment or color. How do you feel about the NPAs are this lower loss content NPAs. How do you feel about credit in those two segments?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
The noise in those numbers relate to the amount of assets that are in syndication or in assets held for sale. As I mentioned earlier, the credit provisioning overall at this company level was in excess of charge-offs by some $17 million. In terms of the specifics, I mentioned in Vendor Finance, we feel that the delinquencies for the most part relate to lower... higher quality receivables, that have delinquencies for administrative reasons that we need to have cleaned up relative to integrations. And on Corporate Finance based upon the amount of collateral and the observations we have on the FAS 114 or the loss element of those receivables.
We still expect fourth quarter, credit quality to remain very, very stellar. So, to be briefer about or summarize the answer, while those delinquencies and NPAs are higher. We think that lower loss content NPAs. Secondly, overall you got to look at the overall company, we are at the top of the house. We've built the delinquency... I'm sorry we built the loss reserves, because of the increase in delinquencies.
Christopher Brendler - Stifel Nicolaus & Company, Inc.
Okay. A separate question if I may, a clarification, you said that in your outlook for the fourth quarter that you... the pipeline for fees, particularly good. Somehow, I am struggling a little is, just exactly how we should think about the syndication business, you mentioned, you didn't have any hung deals in your comment on the outlook for fourth quarter, sort of struck me it's encouraging. What do you see on that front, I mean, I would think, that you see a lot less deal flow, a lot less activity, lot less... as Jeff mentioned, less opportunity to lead managed deals. And that would put pressure on fee income. But it sounds like, that's not the case, can you help clarify that?
Jeffery M. Peek - Chairman and Chief Executive Officer
Chris I think one of the comments that Joe and I made, we are seeing a much better than projected pipeline of deals for Edgeview, which we feel take up some of the slat if the syndication market, doesn't continue to improve. We... as always, we see some improvement in the syndication market, over the last 3 or 4 weeks. So, I think in terms of higher fee income opportunities it is... the fourth quarter is always a good quarter for factoring. So, we get those commissions, I think Edgeview will have a better than projected quarter. And I think that fees for Corporate Finance will probably be better than where they were in the last half of the third quarter, with some projection of improved conditions in the syndicated loan market.
Christopher Brendler - Stifel Nicolaus & Company, Inc.
One final follow up, if I could, just in terms of the credit crunch and its impact on your business. Any signs of a slow down, as you went through the third quarter or broader economic slowdown?
Jeffery M. Peek - Chairman and Chief Executive Officer
Yes, I think, you are seeing it in the big retailers. My comments on where we saw the holiday season going for retail, we started the year at 99% utilization in rail cars. We are at 96% which historically is still above average for the industry. But it's a very interconnected economy, home building slows down and our center being rail cars become a little bit softer in terms of availability.
Christopher Brendler - Stifel Nicolaus & Company, Inc.
Okay.
Jeffery M. Peek - Chairman and Chief Executive Officer
I don't think it's dramatic. But I think we are seeing a gradual slowdown.
Christopher Brendler - Stifel Nicolaus & Company, Inc.
Thanks.
Operator
And now our next question comes from the line David Nedson with LGIMA [ph]. Please proceed.
Unidentified Analyst
Hi, did you release the actual fixed charge coverage ratio calculation. What it was or if you haven't, could you give us an idea of the magnitude of the miss?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
No, we did not disclose that yet. Clearly, it's below 1.1 and we will disclose that in our 10-Q.
Unidentified Analyst
Have you disclosed it to the rating agencies, I am assuming given their comments today regarding the credit --
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Yes, we went over our numbers in details with the agencies, yes.
Unidentified Analyst
The forward agreement that you have entered into over the next year to fund the preferred and the junior subordinate security, is it automatic or does it... is it triggered by the ratio point below 1.1 or if you could describe. How that actually gets executed?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Yes the... the option is ours to sell the stock to the underwriters. Whether we breach the trigger or not, but the agreement is there. If we do breach the trigger and that's our intent to use it, if we breach the trigger.
Unidentified Analyst
One last question with all the news of this MLIC, I wanted to understand your perspective as to how it will have impact CIT, is it a positive and that it provides liquidity overall for the ABC market and for... it's good for you or is it negatively. It's only for kind of the club that has putting it together, is it neutral. Does it really impact you.
Jeffery M. Peek - Chairman and Chief Executive Officer
I think it's probably a plus. I don't see negative for us, I think it adds liquidity to the markets, some of the participants they are being talked about it also sponsors for some of the multi-seller conduits that we are in. So, to the extent that, gives them liquidity that probably and directly helps us.
Unidentified Analyst
Thank you.
Operator
And now our next question comes from the line of Howard Shapiro with FPK [Fox-Pitt Kelton]. Please proceed.
Howard Shapiro - Fox-Pitt Kelton
Hi, I wondered, if I could just ask you a strategic question. It seems pretty certain that you have adequate liquidity through year-end and probably sounds like even into 2008. But I think you would admit that, the fact that your predominantly market based in terms of your financing is in a key less heel [ph] for you. And I am wondering if you've given any strategic thought to kind of solving that problem over the long-term. I'm not sure what that would be either maybe buying some kind of small bank or maybe a strategic sale of the Company. I'm just wondering if you could give us what your thoughts are on your funding vulnerability? Thanks.
Jeffery M. Peek - Chairman and Chief Executive Officer
Sure, we think about that, in terms of the model all the time. One aspect of our thought on that was kind of our bank light strategy which is to grow the deposits in our Utah bank as rapidly as we could and we have done a reasonable job with that. I think beginning of '06 deposits there were about $300 million, I think today they are about $2.7 billion down from $3 billion at the high. Our goal there would be to get that to 10% of liabilities and we are working on that. And the broader strategic question about, some sort of bank transaction. We think about that all the time. The sun and the moon and the stars haven't typically been aligned on that topic for us. But it's certainly a centre piece of our ongoing strategy, Howard.
Howard Shapiro - Fox-Pitt Kelton
Okay thanks.
Operator
And our next question is from the line of Don Jones with Credit Suisse. Please proceed.
Donald Jones - Credit Suisse First Boston
Great. Thank you. I just wanted to get a reminder on how often that covenants test is done for the 1.1 coverage ratio, is that quarterly?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Yes, that is.
Donald Jones - Credit Suisse First Boston
Okay.
Joseph M. Leone - Vice Chairman and Chief Financial Officer
That is, and that's again just to be clear, because there continues to be confusion on that. And I want to try to be clear. The forward agreement of $80 million covers us for years worth of dividend payments on the preferred stock and hybrid instruments we have outstanding. It's totally the Company's option as to whether we issue that stock and that stock... that agreement is there purely for the use of procuring that trigger.
Donald Jones - Credit Suisse First Boston
Right, okay. We had seen all three rating agencies come out earlier today affirming ratings. But have they given guidance as to how comfortable they are with your funding as it maybe rather heavily dependent upon secured financing rather than unsecured?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
I would refer you to their written reports. We had a very thorough review with all the agencies. And I have read those reports this morning, and I think there is commentary there is commentary there, I would prefer that you read that.
Donald Jones - Credit Suisse First Boston
Sure, surely. Okay. Thank you.
Joseph M. Leone - Vice Chairman and Chief Financial Officer
And before the operator turns on to another question, David Hochstim had asked a question before, as we look at what we are selling from a 90-day plus perspective about 66% of our 90-day test too would be included in the sale of the portfolio that Jeff described and about just under 60% I believe in the 60-day plus category. So, David hopefully that's helpful?
Jeffery M. Peek - Chairman and Chief Executive Officer
As you can see what we are trying to do here is kind of ring fence the exposure, so the fact that the sale that we contracted this week, we sold the majority of our delinquent loans to a third party, so we want to get that out and it just is a hedge against further deterioration in the housing market and the mortgage market. So, for us that was a big part of the strategy.
Operator
And our next question comes from the line of Sameer Gokhale with KBW. Please proceed.
Sameer Gokhale - Keefe, Bruyette & Woods
Hi, thanks. Good morning.
Jeffery M. Peek - Chairman and Chief Executive Officer
Good morning.
Sameer Gokhale - Keefe, Bruyette & Woods
I guess, I had a question about the guidance, EPS guidance for that you had previously given and does that still stand as you had given it for the second half of the year taken into account the performance of the business in Q3. And also if you could give us a sense for next year, I mean, is it 15% ROE something that you guys are, I think you are shooting for it, but in your view given the performance of several businesses with being below that threshold, is that reasonable goal to assume given still higher funding cost expected at least for next few quarters? Thanks.
Jeffery M. Peek - Chairman and Chief Executive Officer
Yes, we don't... it's not our custom actually to give anything other than annual guidance, with the exit from home lending at the second quarter call we felt that we had give you some sense of what we... where we are going with that home lending, but what we gave you at the second quarter still stands in our book in terms of guidance for the second half of the year. It's a much changed environment, it's difficult environment, but we are working very hard to get to 260 to 270 from recurring operations. Next year in terms of an ROE of 15%, yes, I think that's the goal for us, ex home lending I think we are over 15% for this quarter.
Sameer Gokhale - Keefe, Bruyette & Woods
Okay. And just a quick follow up. Joe, if you could just talk about the provision for credit losses in the corporate and other segment, I am just unclear that number seems to flip around from quarter-to-quarter, can you just tell us what goes through there?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Yes, what happened this quarter I think it was in response to Chris Brendler's question is that when we look at the overall reserve at the top given the asset growth we saw at the end of the quarter and some of the increase in delinquencies and NPAs we provisioned higher in corporate. Eventually as those loans become more severely delinquent and or will turn towards non-accrual and charge off, those provisions would flip into the segments. In the second quarter, I think there is some transactional noise in terms of the sale of the construction portfolio, so the reserves were released so to speak or freed up as a result of the sale of constructions, so that's why you see the ins and the outs.
Sameer Gokhale - Keefe, Bruyette & Woods
Okay that's great. Thank you for the clarification.
Jeffery M. Peek - Chairman and Chief Executive Officer
I might just say there have been a couple of questions on 2008 and we are currently in the middle of our planning process, so we will have a much better feel on that probably in a months time from now.
Operator
And now our next question comes from the line of Meredith Whitney with CIBC World Markets. Please proceed
Meredith Whitney - CIBC World Markets
Good morning, so much for ladies first on the Q&A, but I had a direct question which was... which is given the dramatic decline in the stock price what amount of time was spent this week at the Board meeting on possible sale of the Company and from the Board's perspective what type of timetable have they given to turn around the Company and to get the stock moving again?
Jeffery M. Peek - Chairman and Chief Executive Officer
Meredith, our Board discussions are really a private matter and we've been working very hard to try and put the mortgage portfolio behind us and rebuild the balance sheet and focus on the go forward businesses and that's all we are working on and as I said where the Board is really inside the boardroom.
Meredith Whitney - CIBC World Markets
But don't you think the shareholders have a right to know given decline in the share price, what they are thinking?
Jeffery M. Peek - Chairman and Chief Executive Officer
I think we are pretty focused on long-term value and I would say is that the Board is fully supportive. We've been through this with them on repeated basis there, very much up to speed on what's going on.
Meredith Whitney - CIBC World Markets
Okay, thanks.
Operator
And now our next question comes from the line of Satish Pai [ph] with Merrill Lynch. Please proceed.
Unidentified Analyst
My questions have been answered. Thank you.
Jeffery M. Peek - Chairman and Chief Executive Officer
Thank you.
Operator
And our next question comes from the line of Scott O'Donnell with MetLife, please proceed.
Scott O'Donnell - MetLife
Yes thank you, good morning. Quick question, I keep hearing the word ring fence thrown around related to the mortgage portfolio and if this was covered earlier I apologize I had a drop off the call a couple of times, but I am not wrong in thinking that with respect to the $7.5 billion mortgage portfolio, that's now encumbered, the Company is still in the first loss position as it pertains to those assets, is that correct?
Jeffery M. Peek - Chairman and Chief Executive Officer
That's right, that's right.
Scott O'Donnell - MetLife
Okay.
Jeffery M. Peek - Chairman and Chief Executive Officer
I think we feel that with the sale of majority of the delinquent loans and a higher reserve than we had at the end of the second quarter and the fact that Freddie Mac took almost all of our loans as to underwriting quality in that, we feel reasonably good about that going forward and once again it's serviced by our own people and we are very much focused on having them mitigate as much loss, pure delinquency just get as much out of the portfolio as they can. But you are correct in that, that exposure on the performing loans stays with us.
Scott O'Donnell - MetLife
Thank you.
Operator
And now our next question comes from the line from George Sacco with J.P. Morgan. Please proceed.
George Sacco - J.P. Morgan
Hi, you touched on the bank, sort of bank light strategy you have. It's... my understanding was you are using the bank to fund the mortgage assets and I guess my question is now that the mortgage business is being worn down, do you need to get special approval to put new assets or fund new assets with those deposits and if so what assets would you target for that?
Jeffery M. Peek - Chairman and Chief Executive Officer
Well we think... we think that vendor, some of the Vendor Finance assets and also some of the bank loan participations that we generate and purchase would be ideal things to go under the bank and obviously it's subject to regulatory approval and those approvals are underway.
George Sacco - J.P. Morgan
So you are in the process of working on that with regulators now?
Jeffery M. Peek - Chairman and Chief Executive Officer
We are.
George Sacco - J.P. Morgan
Okay. And I assume that's why deposits have come down a bit from the peak, is it because you are serving transition with the assets?
Jeffery M. Peek - Chairman and Chief Executive Officer
Right, some of them are rolling off and until we have new assets to go in there, there hasn't really been a need to access that market although it's quite attractive relative to --
George Sacco - J.P. Morgan
Yes, under that exactly so. Thank you.
Operator
And our next question comes from the line of Luvan Vanredin with High Key Capital [ph]. Please proceed.
Unidentified Analyst
Yes. Joe, I just want to make sure I put the $600 million financing in perspective. If I think about the right way, is that more of an issue to kind of maintain our ratings or is this funding requirement because we have certain debt or whatever maturing currently or is this more of a to grow the business type of transaction?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Okay. Good question. The $600 million and the reason for doing is that relates to as Jeff said and I reiterated as well. We want to ensure that we have the strongest capital position to maintain the ratings at the highest level possible which we got affirmation from the agencies, so with the capital raise, having said that as I said in response to I think Matt Burnell's question, clearly that gives us $600 million of liquidity that we will use to finance the business in the fourth quarter.
In further response to that as I look at the fourth quarter I think Matt asked this. We continue to think we are going to stay mostly in the secured markets, but we are looking for the unsecured access. Additionally, in the fourth quarter we have a lot of cash flow from the portfolio on businesses like factoring and our retail businesses and commercial lending. So asset growth is in generally the biggest top in the fourth quarter. Having said that, we see some good opportunities there. So think about the $600 million as a capital raise.
Unidentified Analyst
Okay, thanks.
Jeffery M. Peek - Chairman and Chief Executive Officer
And we've time for one more question.
Operator
And now our final question comes from the line of Robert Gilbert with Standard. Please proceed.
Robert Gilbert - Standard
Thank you. Of the $9.7 billion that's now held for investment, am I correct that that will no longer need to be mark-to-market and that the intent is to hold it to maturity? And then finally what would the average life of that portfolio be please?
Joseph M. Leone - Vice Chairman and Chief Financial Officer
Yes, the $9.7 billion, that's moved to asset held for investment, we would liquidate it over its contractual life. It depends on the prepayment speed you apply to it, depending on the environment we have going forward but the average life has been in the three-year area or so.
Robert Gilbert - Standard
Thank you.
Jeffery M. Peek - Chairman and Chief Executive Officer
I just want to thank everybody for joining us today and obviously the questions were quite thoughtful and we hope that we removed some of the confusion about this morning in terms of what we are trying to do. Just to recap, the key messages our program here has been to try and remove as much uncertainty as we could. We think the home lending solution we put in place works for us. We sold the riskiest papers that hedge against further deterioration. We still retain the upside and obviously we got quite a bit of liquidity out of that.
More generally, the liquidity position we think has improved quite significantly over the last six weeks. We had about $10 billion of asset... asset backed issuance. And finally, with the capital raise and the forward commitment to handle our future trigger breaches, we are delighted that our ratings have been affirmed.
Most importantly, we had solid results in the go forward businesses for the third quarter and look forward to that in the fourth quarter. I just want to thank the investors for their support and equally important all the CIT employees for all their hard work in the third quarter. Thanks very much.
Operator
This concludes our presentation. You may now disconnect and have a great day.
Copyright policy: All transcripts on this site are copyright Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.
- To read the full transcript on Seeking Alpha, click here »
