It’s way, way more complicated than that. There are the LPs, who sometimes have clients / constituents, GPs, who can be complex entities or individuals or both,

It’s way, way more complicated than that. There are the LPs, who sometimes have clients / constituents, GPs, who can be complex entities or individuals or both, operating partners, banks, who obviously wouldn’t lend for LBOs if every one of them busted, equity owners of the target, debt holders of the target, management of the target. All of these parties have their own incentive structures which are lined up in order for an LBO to take place.