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That will be hard to do without fresh equity capital.
Fannie has already tapped markets for more than $500m in fresh equity.
That might require BT to raise fresh equity in order to bear the upfront costs.
The open question is whether the balance sheet is so stretched that fresh equity if required.
Several Chinese banks, among them Minsheng and China Merchants Bank, may need fresh equity to meet tough capital standards.
The BT Group, for instance, halved its debt last year after ousting management and raising fresh equity from shareholders.
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Still, the titans of the industry argue that they save and create jobs by sometimes acquiring troubled companies that might have gone under if not for the new money and fresh ideas private equity injected into them.
As a result, free cash flow (net income adjusted for things like depreciation and capital expenditure) is estimated to have fallen ¥80 billion into the red over the same period.Softbank is still bleeding cash, in other words, which it must back up either with fresh injections of equity or debt or by selling something.
To maintain the trusts' tax-free status, their managers aren't allowed to issue fresh debt or equity.
Finally, consultants concocted a fresh category large capitalization core equity.
With a fresh investment from private equity firm Elevation Partners (which also owns a stake in Forbes) and design work led by Apple veteran Jonathan Rubinstein, Palm's engineers are creating a new line of smart phones that, presumably, will be thinner and better looking than the Treo.
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