In this special episode of Ghost Stories, there's no sponsor. There is no company partnering with me to bring a message to market under normal conditions. Instead, we find a CEO who was willing to engage with me on very short notice after comments I made in Ghost Mail. Given the circumstances around Transaction Capital at the moment, I jumped at the opportunity. With David Hurwitz in the hot seat, we talked about: In layman’s terms, what does SA Taxi do and what are the conditions under which the business performs? What did Transaction Capital mean about the issues in SA Taxi being “structural” and is this really an accurate view on the industry? A discussion on how the banks play in this space and why Transaction Capital is different. Whether there is likely to ever be a viable alternative to the taxi sector and how government could play a role in the industry. The funding model for SA Taxi and how that balance sheet works, including a discussion on the contamination / cross-default risks and the duration of debt. SANTACO’s position in this crisis and how they are thinking about the relationship. Bluntly – is SA Taxi going to be OK and to what extent did the management team see this coming? An overview of the Nutun business and how it will grow. How can investors be confident that an SA Taxi-style nightmare isn’t brewing at WeBuyCars? A discussion on the margins at WeBuyCars in cheaper vehicles vs. more expensive vehicles. An overview of GoMo and how quickly this business can be built up. I haven't edited even a single "um" out of this podcast, so this is the conversation precisely as I had it with David. As anyone who regularly follows me will know, I hold a long position in Transaction Capital at the time of release of this podcast. Please note that you must do your own research before deciding to enter or exit a position in Transaction Capital, or any other company for that matter! I hope that this podcast will enhance your understanding of what has happened at Transaction Capital and what could happen in future.