A Loan That’s Not a Loan

In all the furor over the Pirates’ leaked financial records, one aspect that’s enraged some Pirate fans yet received little attention outside Pittsburgh was the loan by the Nutting family to the Pirates.  The transaction wasn’t actually a loan, not in any conventional sense at least.  It was really a loan with an option to convert to equity, but it’s easiest to call it a loan.  Whatever the best name for the transaction may be,...

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