NIHL, page-23

Mel, to be perfectly frank neither am I happy about the latest roll dice because it implies something seriously wrong with the assets acquired. My hunch is it will be more to do with contracts inherited as part of the deal rather than simply quality of cases on the books. If that is the case then the fallout will not be so bad, contracts can be re-written after disputes are ironed out.

When faced with limited or no information I try and draw a logical explanation. Mr Grech could not possibly be acting by himself, it must be a joint evidence based decision involving all board members, CFO, company advisers and syndicate advisers. We cannot discount S&G are a law firm and therefore experience lies within in the interpretation of contracts.

It is fascinating to see how this plays out, so many fronts coming into play. Business as usual is becoming a side show.