I'll repeat what I said when he blurbed this originally.
There is no such thing as under leveraged.
Any successful business may use debt as growth capital, if they could do the same thing without borrowing money, they would.
Carrying leverage when an excessively high cash position when that cash is dead money. Rates are SO low on deposits, it makes no sense to acquire extra debt. The interest expense is unnecessary.
The amount of leverage is the one that makes sense given 5 other parameters. So, you're either leveraged or overleveraged. A company can't be under leveraged.
Apple is worth $1.2 trillion. The have under $90 billion in debt. This leaves a debt to equity of around 0.09. The tech industry average is around 0.8. Is Apple under leveraged? No. It's just right.
Now, that's off my chest, the debt he admitted to in 2016, was $5.4 billion on total assets of $10.2 billion.
D/E was already greater than 1. About average for commercial real estate and resorts. Except the assets were inflated, and around a billion & a half of debt was not disclosed. (Until Moody's risk assessment for creditworthiness of a privately held company. This suggests a DE of 4.
So, not only is PINO making up that term, but there was never any "under" at all.