Some things have real deadlines. Requiring a deadline to resolve a big problem with a “permanent” solution sounds definitive and ominous. Unless of course you are ACA Holdings (ACAH on the pinks). Their deadlines are “permanently temporary”. I have written about this $7.7 million market cap company and its relevance to the ongoing credit crisis a few times in the past (click here). June 20, 2008 was previously imposed as a deadline for coming up with a “permanent” solution to their liquidity solvency survival as part of 4 previous forbearance agreements with its creditors. At the last moment…. only 3 hours before the deadline of 6:00 pm (New York time) was set to expire…..it was extended. WHHHHEWWW! I was really surprised by that! (NOT) This is not about ACA and hasn’t been for months. In my opinion, it’s about avoiding the complications in the financial industry for all the structured credit products that ACA provided financial guarantees for. It’s not about ACA and what its shareholders have to lose. It’s about the people that have so much more to lose by finally and “permanently” dealing with this mess. Since it’s not comfortable to do that - the interested counterparties much prefer to permanently temporarily provide the fifth forbearance agreement.