This current coupon rate has not yet been set as the management team to underwrite the issue has not been chosen.

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There are other points made there, that few spend beyond the discount coupon itself, few return without a coupon and that some current customers use the coupons, all undesirables for the merchants.

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My suggestion to him was that in the current environment he should eliminate all the high-coupon debt and replace it with 5% or 6% coupons carrying equity participation--give up some equity in return for much lower interest rates.

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