From Aaron Wolf , a director during TSYS 1.0 days:
Could you go into some summary about how you get to this structure? Is it just a matter of thinking through ideas, bouncing ideas off of others and then settling on something? Is there a model for at least some of it (i.e. a specific example you are adapting off of)?
It all seems workable enough and sensible, but… well, where’s the distinction between this structure being a proposed business model to orient things and navigate from versus the structure being already thought through in such depth that it’s clear this really is the way to go? How flexible/pivotable/adaptable is this structure? What alternatives could there be / have been? I’m basically looking for context to just make sense of the decision; but I’m okay enough also with just saying “ somehow this was decided, and it seems okay and I see no pitfalls or problems”.
There’s a lot of references to SEC and other federal regulatory and tax concerns. All of it seems right by my lay understanding, but I’d like to get better clarity on who and how the understanding of this stuff is within TSYS. I.e. which members (and any outside advisors?) are bringing this understanding most? And is it just from lots of reading or from business experience or consulting with others? I’m not trying to express doubts, just trying to have clearer perspective.