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In simple terms so an ABS works something like....
Take a law firm with direct links to insurers - sell shares in the business for 'outside investment'
Once money pocketed, insurers 'pull the plug' to undermine the business model
outside investors take a hit to minimise their risk
Business 'fails'
Directors with direct links to insurers buy back profitable bits of firm
next step ...look for outside investment....

Looks like an ongoing model to me....

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