I think it might actually be a calculated gamble on the part of JP, the straight loan. Maybe he was offered the chance to make it a permanent for 4m, but believes the financial situation at blues will only get worse and we might be able to snap him up for, say, 2m. One things for sure, I wouldn't want to play cards with Jeremy. Wouldn't be at all suprised if this turned out to be another JP masterstroke.