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Judgment & ambiguity · When to act

Your equity offering is hours from launch, the book looks strong, but your cornerstone anchor investor goes quiet and stops returning the syndicate desk — you can't tell if they're wavering or just busy. Do you launch on schedule, delay, or restructure without them? When do you call it?

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A silent cornerstone right before launch is a signal I won't paper over, because that order is often the piece that gives everyone else confidence — if it's soft and I launch on it

The full answer: structure, worked example, likely follow-up.

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