Sorry WIP?? I am talking about intangible assets, the WIP hasn't been written down in this report.
The bank still has 234,000,000 in WIP to collect, it's not as good as cash in my opinion but I have no reason to dispute it.
My opinion is that the balance sheet is probably a fair reflection of the company's position now that writedowns have been taken but combined with the negative cashflows this company is not an investment prospect until the capital structure has been cleared up.
The banks now have a larger stake in SGH than shareholders so they are making the decisions.
Buyers now are speculating, sure it could pay off big time but it's not a bet I would care to make as I don't like the odds. With $10 at the horse races I always go for the 120-1 odds on the beaten down old nag but there's more money involved in shares.
You might get $5 bucks back from at 20c gamble but to be honest I think it's more likely that an iceberg will float into Sydney Harbour.
SGH Price at posting:
27.5¢ Sentiment: None Disclosure: Not Held
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